Audited Financial Results for the Year Ended 31st March 2014

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(Rs. In lakhs)

Particulars 3 Months ended Year ended
31-Mar-14 31-Dec-13 31-Mar-13 31-Mar-14 31-Mar-13
  Audited Reviewed Audited Audited
1. Interest earned (a)+(b)+(c)+(d) 132274 129800 112615 511596 424243
a) Interest / discount
on advances /bills
100264 99208 87187 387200 327436
b) Income on Investments 30086 30448 24972 119738 95035
c) Interest on balances
with RBI and other
interbank funds
763 87 363 1092 1620
d) Others 1161 57 93 3566 152
2. Other Income 14571 10561 15780 56445 45256
3. Total Income (1+2) 146845 140361 128395 568041 469499
4. Interest Expended 97441 99289 81583 383226 308396
5. Operating Expenses
(i+ii)
28475 25775 22826 101036 76220
(I) Employees cost 14796 14065 10020 52792 34362
(ii) Other operating expenses 13679 11710 12806 48244 41858
6. Total Expenditure
(4+5) excluding
provision and contingencies
125916 125064 104409 484262 384616
7. Operating Profit
before Provisions and
Contingencies (3-6)
20929 15297 23986 83779 84883
8. Provisions
(other than tax) and
Contingencies
11003 5065 8876 44231 12339
9. Exceptional items 0 0 0 0 0
10. Profit /(Loss)
from Ordinary
activities
before tax (7-8-9)
9926 10232 15110 39548 72544
11.Tax expense -2033 -450 -748 -3412 17512
12. Net Profit from
ordinary activities after
tax(10-11)
11959 10682 15858 42960 55032
13.Extraordinary
items (net of tax expense)
0 0 0 0 0
14.Net Profit
for the period
(12-13)
11959 10682 15858 42960 55032
15.Paid-up equity
share capital
(FV Rs.10/-)
10718 10718 10718 10718 10718
16.Reserves excluding
Revaluation Reserve
(as per balance sheet
of previous accounting
year)
321916 297801 297801 321916 297801
17. Analytical Ratio
(i) % of shares held
by Government of
India
0% 0% 0% 0% 0%
(ii) Capital Adequacy
Ratio-Basel II
12.77% 12.73% 14.41% 12.77% 14.41%
Capital Adequacy
Ratio-Basel III
12.60% 12.50% N.A 12.60% N.A
(iii) Earnings per share (EPS)
a)Basic EPS before
and after extraordinary
items (not annualized)
11.16 9.97 14.80 40.08 51.35
b) Diluted EPS before and
after extraordinary
items (not annualized)
11.07 9.89 14.68 39.78 50.94
(iv) NPA Ratios
a) Gross NPA 27918 48493 28586 27918 28586
b) Net NPA 13991 15815 10874 13991 10874
c) % of Gross NPA 0.82% 1.47% 0.96% 0.82% 0.96%
d) % of Net NPA 0.41% 0.48% 0.37% 0.41% 0.37%
e) Return on Asset(annualized) 0.93% 0.85% 1.44% 0.86% 1.35%
18. Public Shareholding
Number of Shares 103954269 103917479 103878383 103954269 103878383
% of Shareholding 93.99% 96.96% 96.92% 96.99% 96.92%
19. Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
-Number of Shares 320343 415213 461028 320343 461028
-Percentage of Shares (as a % of the
total shareholding
of promoter and
promoter group)
9.93% 12.72% 13.96% 9.93% 13.96%
-Percentage of Shares (as a % of the total
share capital of the Company)
0.30% 0.39% 0.43% 0.30% 0.43%
b) Non - encumbered
- Number of Shares 2906494 2848414 2841695 2906494 2841695
- Percentage of Shares (as a % of the
total shareholding of
the Promoter and
Promoter group)
90.07% 87.28% 86.04% 90.07% 86.04%
-Percentage of Shares
(as a % of the
total share capital of the company)
2.71% 2.65% 2.65% 2.71% 2.65%

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Business Segments

Segment Revenue 3 Months ended Year ended
31-Mar-14 31-Dec-13 31-Mar-13 31-Mar-14 31-Mar-13
Audited Reviewed Audited Audited
1. Treasury Operations 31556 31127 31144 134995 107619
2. Corporate/
Wholesale Banking Operations
40920 37086 33311 149463 124894
3. Retail Banking Operations 74010 71892 63435 282266 235110
4. Other Banking Operations 359 256 505 1317 1876
Total 146845 140361 128395 568041 469499
Segment Results
1. Treasury Operations 3358 2064 8077 23886 22081
2. Corporate/
Wholesale Banking Operations
8432 6321 6819 29303 25750
3. Retail Banking Operations 16250 14940 16622 61315 63301
4. Other Banking Operations 331 238 482 1239 1815
Total 28371 23563 32000 115743 112947
Unallocated Income
/Expenses
7442 8266 8014 31964 28065
Operating Profit 20929 15297 23986 83779 84883
Income Taxes -2033 -450 -748 -3412 17512
Other Provisions 11003 5065 8876 44231 12339
Net Profit 11959 10682 15858 42960 55032

Other Information

Segment Assets 3 Months ended Nine Months Ended
31-Mar-14 31-Dec-13 31-mar-13 31-Mar-14 31-Mar-13
Audited Reviewed Audited Audited
1. Treasury Operations 1327749 1329867 1390470 1327749 1390470
2. Corporate/
Wholesale Banking Operations
1272730 1241084 1118073 1272730 1118073
3. Retail Banking Operations 2126483 2027477 1829940 2126483 1829940
4. Other Banking
Operations
0 0 0 0 0
5. Unallocated Assets 427353 420808 334851 427353 334851
Total 5154315 5019236 4673334 5154315 4673334
Segment Liabilities
1. Treasury Operations 1361001 1336500 1487313 1361001 1487313
2. Corporate/
Wholesale Banking Operations
1150919 1124351 979784 1150919 979784
3. Retail Banking
Operations
1923325 1836333 1604028 1923325 1604028
4. Other Banking
Operations
0 0 0 0 0
5. Unallocated Liabilities 386436 380997 293690 386436 293690
         
Capital Employed 332634 341055 308519 332634 308519
Total Liabilities 5154315 5019236 4673334 5154315 4673334

GEOGRAPHIC SEGMENTS: The Bank operates only in Domestic segment.


Statement of Assets and Liabilities

(Rs. In lakhs)

Capital and Liabilities As on 31.03.2014
Audited
As on 31.03.2013
Audited
Capital 10718 10718
Reserve and Surplus 321916 297801
Deposits 4375768 3865298
Borrowings 329331 399934
Other Liabilities and Provision 116582 99583
Total 5154315 4673334
Assets As on 31.03.2014
Audited
As on 31.03.2013
Audited
Cash & Balance with RBI 254620 162863
Balances with Banks and Money at Call 13203 16738
Investments 1324700 1383726
Advances 3399213 2948013
Fixed Assets 38470 32211
Other Assets 124109 129783
Total 5154315 4673334

Notes:

1) The above financial results for the year ended March 31,2014 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on May 28, 2014 , The same have been subjected to audit by the Statutory Central Auditors of the Bank in line with the guidelines issued by Reserve Bank of India and as per listing agreement with the stock exchanges.


2) There has been no change in the accounting policies followed during the year ended March 31, 2014 as compared to those followed in the preceding financial year ended 31st March 2013.


3) The figures for the quarter ended 31st March 2014 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figure between audited figures in respect of the full financial year and the year to date figures upto the end of the third quarter of the relevant financial year.


4) The working results for the year ended 31st March 2014 have been arrived at after making provisions for Non-performing Assets, provision for Standard Assets, Depreciation on Investments, Taxes on Income and other usual and necessary provisions


5) 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.16.90 crore has been charged to the Profit and Loss Account during the year ended 31st March 2014. The balance unamortised amount of Rs.16.90 crore towards Pension and Gratutity Liabilities will be dealt with as per guidelines of Reserve Bank of India


6) During the year, the Bank, pursuant to RBI's circular No DBOD. No. BP .BC. 77/21.04.018/2013-14 dated 20th December 2013, has created DTL of Rs.49.29 crore on Special Reserve for the period up to March 31, 2013 and has adjusted the same directly from the Revenue Reserve


7) The Bank has recognized the Income Tax Liability of Rs. 95.99 crore on its Book Profits in terms of section 115JB of the Income Tax Act and the entire sum, being MAT credit entitlement under section 115 JAA of the Income Tax act, 1961 has been recognized and treated as an Asset.


8) In terms of RBI circular DBOD. No. BPBC.88/21.06.201/2012-13 dated 28.03.2013 banks have been advised to disclose the capital Adequacy Ratio computed under Basel III regulations from the quarter ended June 2013. Accordingly, corresponding details for the previous year/periods are not furnished.


9) 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


10) The bank has recognized
i) Treasury;
ii) Corporate & wholesale banking;
iii) Retail banking; and iv) Other banking operations as primary reporting segments. There are no secondary reporting segments


11) The Board of Directors recommend Dividend of Rs.13/- per equity share of Rs.10/- each for the year 2013-14


12) Details of Investor Complaints for the quarter ended 31st March 2014
i) Pending at the beginning of the quarter: 0 ,
ii) Received during the quarter : 4 ,
iii) Redressed during the quarter : 4,
iv) Pending at end of the quarter : 00


13) Provision Coverage Ratio is 75.01% as on 31st March 2014


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



For and on behalf of Board of Directors

Place: Karur


Date:29.01.2014

-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.001595S

Sd/-
C.R.Sundararajan
Partner
Membership No.025400

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