REVIEWED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2014

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(Rs. In lakhs)

Particulars 3 Months ended  Year ended 
30-Jun-14 31-Mar-14 30-Jun-13 31-Mar-14
  Reviewed Audited Reviewed Audited
1. Interest earned (a)+(b)+(c)+(d) 134449 132274 122253 511596
a) Interest / discount on advances  /bills 104771 100264 92072 387200
 b) Income on Investments 29611 30086 28054 119738
c) Interest on balances with RBI and other interbank funds 67 763 118 1092
d) Others 0 1161 2009 3566
2. Other Income 11795 14571 20693 56445
3. Total Income (1+2) 146244 146845 142946 568041
4. Interest Expended 100446 97441 89065 383226
5. Operating Expenses (i+ii) 24449 28475 22009 101036
    (i) Employees cost 12275 14796 10777 52792
    (ii) Other operating expenses 12174 13679 11232 48244
6. Total Expenditure (4+5) excluding provision and contigencies 124895 125916 111074 484262
7. Operating Profit before Provisions and Contingencies (3-6) 21349 20929 31872 83779
8. Provisions (other than tax) and Contingencies 8642 11003 16316 44231
9. Exceptional items 0 0 0 0
10. Profit /(Loss) from Ordinary activities before tax (7-8-9) 12707 9926 15556 39548
11.Tax expense 500 -2033 3526 -3412
12.Net Profit from ordinary activities after tax(10-11) 12207 11959 12030 42960
13.Extraordinary items (net of tax expense) 0 0 0 0
14.Net Profit for the period (12-13) 12207 11959 12030 42960
15.Paid-up equity share capital (FV Rs.10/-) 10729 10718 10718 10718
16.Reserves excluding Revaluation Reserve (as per balance sheet of previous accounting year) 321916 321916 297801 321916

(Rs. In lakhs)

  3 Months ended  Year ended 
  30-Jun-14 31-Mar-14 30-Jun-13 31-Mar-14
  Reviewed Audited Reviewed Audited
17. Analytical Ratios        
      (i) % of shares held by Government of India 0% 0% 0% 0%
(ii) Capital Adequacy Ratio-Basel II 12.58% 12.77% 12.86% 12.77%
       Capital Adequacy Ratio-Basel III 12.49% 12.60% 12.52% 12.60%
(iii) Earnings per share (EPS)         
a)Basic EPS before and after extraordinary items (not to be annualized) 11.38 11.16 11.22 40.08
b) Diluted EPS before and after extraordinary items (not to be annualized) 11.30 11.07 11.14 39.78
(iv) NPA Ratios        
     a) Gross NPA 45096 27918 46642 27918
     b) Net NPA 18248 13991 15453 13991
     c) % of Gross NPA 1.30% 0.82% 1.51% 0.82%
     d) % of Net NPA 0.53% 0.41% 0.50% 0.41%
     e) Return on Asset(annualized) 0.94% 0.93% 1.00% 0.86%
18. Public Shareholding        
       Number of Shares 104605801 103954269 103876425 103954269
       % of Shareholding 97.49% 96.99% 96.92% 96.99%
19. Promoters and Promoter Group Shareholding  
  a) Pledged / Encumbered        
     -Number of Shares 285763 320343 461003 320343
    -Percentage of Shares (as  a % of the total shareholding of promoter and promoter group) 10.63% 9.93% 13.95% 9.93%
 -Percentage of Shares (as a % of the total share capital of the Company) 0.27% 0.30% 0.43% 0.30%
         
  b) Non - encumbered        
      - Number of Shares 2402165 2906494 2843678 2906494
      - Percentage of Shares (as a % of the total shareholding  of the Promoter and  Promoter group) 89.37% 90.07% 86.05% 90.07%
      -Percentage of Shares (as a % of the total share capital of the company) 2.24% 2.71% 2.65% 2.71%

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Business Segments 3 Months ended  Year ended 
30-Jun-14 31-Mar-14 30-Jun-13 31-Mar-14
Reviewed Audited Reviewed Audited
Segment Revenue        
1. Treasury Operations 31165 31556 39605 134995
2. Corporate/Wholesale Banking Operations 39189 40920 35537 149463
3. Retail Banking Operations 75640 74010 67332 282266
4. Other Banking Operations 250 359 472 1317
Total 146244 146845 142946 568041
Segment Results        
1. Treasury Operations 3001 3358 14605 23886
2. Corporate/Wholesale Banking Operations 7419 8432 7851 29303
3. Retail Banking Operations 16725 16250 16203 61315
4. Other Banking Operations 231 331 454 1239
Total 27376 28371 39113 115743
         
Unallocated Income/Expenses 6027 7442 7241 31964
Operating Profit 21349 20929 31872 83779
Income Taxes 500 -2033 3526 -3412
Other Provisions 8642 11003 16316 44231
Net Profit 12207 11959 12030 42960
Other Information        
Segment Assets        
1. Treasury Operations 1380228 1327749 1548577 1327749
2. Corporate/Wholesale Banking Operations 1252736 1272730 1121149 1272730
3. Retail Banking Operations 2175098 2126483 1940264 2126483
4. Other Banking Operations 0 0 0 0
5. Unallocated Assets  427667 427353 386322 427353
Total 5235729 5154315 4996312 5154315
Segment Liabilities         
1. Treasury Operations 1371824 1361001 1655443 1361001
2. Corporate/Wholesale Banking Operations 1143454 1150919 981903 1150919
3. Retail Banking Operations 1984918 1923325 1699077 1923325
4. Other Banking Operations 0 0 0 0
5. Unallocated Liabilities 390390 386436 338678 386436
         
Capital Employed  345143 332634 321211 332634
Total Liabilities 5235729 5154315 4996312 5154315

 


GEOGRAPHIC SEGMENTS: The Bank operates only in Domestic segment.


Notes:

The above financial results for the quarter ended 30th June 2014 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on 1st August 2014. The same has been subjected to limited review by the Statutory Central Auditors of the Bank.


There has been no change in the accounting policies followed during the quarter ended 30th June 2014 as compared to those followed in the preceding financial year ended 31st March 2014.


3) The financial results for the quarter ended 30th June 2014 have been arrived at after considering provision for non performing assets, depreciation on investments on actual basis. The depreciation on fixed assets has been provided on proportionate basis, as per the method adopted in the previous year. Provision for employee benefits, income tax and other contingencies are on an estimated and proportionate basis and are subject to adjustment at the year end.


4) In terms of the Reserve Bank of India circular DBOD.No.BP.BC.80/21.4.018/2010-11 dated 9th February 2011 on amortization of expenses towards pension and gratuity liabilities, a proportionate sum of Rs.4.23 crore has been provided for the quarter ended 30th June 2014 out of Rs.16.90 crore to be provided for the financial year ending 31st March 2015.


5) In accordance with the RBI circular DBOD. No. BPBC.2/21.06.201/2013-14 dated 01.07.2013, banks are required to make half yearly Pillar III disclosures under Basel III capital requirements with effect from 30th September, 2013.The disclosures have been made available on the banks web site at the following link http://www.kvb.co.in/footer/pillarIII_disclosures.html. These quarterly Pillar 3 disclosures have not been subjected to a limited review by Statutory Auditor of the Bank.


6) The figures for the quarter ended March 31, 2014 are the balancing figures between audited figures in respect of financial year 2013-14 and the published year to date figures upto the end of the third quarter of the financial year ended 31st March 2014


7) In accordance with RBI guidelines, Bank has shifted Securities from AFS to HTM category amounting to Rs.536.21 crore during the current quarter and the resultant depreciation of Rs.44.48 crore has been charged to Profit and Loss Account


8) During the quarter ended 30th June 2014, Non performing Financial Assets aggregating to Rs.32.46 crore (net of Provisions) were assigned to Asset Reconstruction Companies for an aggregate consideration of Rs.36.62 crore


9) During the quarter ended 30th June 2014, the Bank had allotted 105910 shares persuant to the exercise of stock options by certain employees



11) Provision Coverage Ratio is 75.04% as on 30.06.2014


12) Figures of the corresponding period have been re-classified/regrouped wherever considered necessary.



For and on behalf of Board of Directors

Place: Karur


Date:01.08.2014

-sd/-

K.Venkataraman

Managing Director& C.E.O

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"As per our report of even date"

For R K Kumar & Co.,
Chartered Accountants
Firm Registration No.000003S

Sd/-
S. Ananthan
Partner
Membership No.26379

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