Unaudited Financial Results for the Quarter / Nine Months ended 31st December 2019

(Rs. In Lakh)
Particulars Quarter ended Nine Months ended Year ended
31-12-2019 30-09-2019 31-12-2018 31-12-2019 31-12-2018 31-03-2019
Unaudited Unaudited Audited
1. Interest earned (a+b+c+d) 150378 153751 144276 453382 434223 581582
a) Interest / discount on advances / bills 115236 119324 114174 352110 343510 459638
b) Income on Investments 29181 30021 29223 87415 86897 115059
c) Interest on balances with Reserve Bank of India & other interbank funds 3732 4163 549 11141 2782 4290
d) Other Interest 2229 243 330 2716 1034 2595
2. Other Income 26006 27773 25989 80763 69032 96277
3. Total Income (1+2) 176384 181524 170265 534145 503255 677859
4. Interest Expended 92657 94123 86193 277636 259864 345300
5. Operating Expenses (i+ii) 45254 44285 41571 130407 118789 161480
(i) Employees cost 22549 21299 19767 64223 54889 76117
(ii) Other operating expenses 22705 22986 21804 66184 63900 85363
6. Total Expenditure (excluding provisions and contingencies) (4+5) 137911 138408 127764 408043 378653 506780
7. Operating Profit before Provisions and Contingencies (3-6) 38473 43116 42501 126102 124602 171079
8. Provisions (other than tax) and Contingencies 36426 36517 40040 105940 103621 138855
9. Exceptional items 0 0 0 0 0 0
10. Profit from ordinary activities before tax (7-8-9) 2047 6599 2461 20162 20981 32224
11. Tax expense 540 266 341 5030 5896 11137
12. Net Profit from ordinary activities after tax(10-11) 1507 6333 2120 15132 15085 21087
13. Extraordinary items (net of tax expense) 0 0 0 0 0 0
14. Net Profit for the period (12-13) 1507 6333 2120 15132 15085 21087
15. Paid-up equity share capital (FV Rs.2/- per share) 15986 15986 15986 15986 15986 15986
16. Reserves excluding Revaluation Reserve 626294
17. Analytical Ratios
(i) % of shares held by Government of India 0% 0% 0% 0% 0% 0%
(ii) Capital Adequacy Ratio-Basel III 15.87% 15.99% 14.59% 15.87% 14.59% 16.00%
(iii) Earnings per share (EPS) (*) (Rs.)
a) Basic EPS before and after extraordinary items 0.19 0.79 0.27 1.89 1.89 2.64
b) Diluted EPS before and after extraordinary items 0.19 0.79 0.27 1.89 1.89 2.64
(iv) NPA Ratios
a) Gross NPA 442397 439103 405573 442397 405573 444957
b) Net NPA 194568 211835 229560 194568 229560 242034
c) % of Gross NPA 8.92% 8.89% 8.49% 8.92% 8.49% 8.79%
d) % of Net NPA 4.13% 4.50% 4.99% 4.13% 4.99% 4.98%
(v) Return on Asset (annualized) 0.08% 0.34% 0.12% 0.27% 0.29% 0.31%
*EPS not annualized for the quarter / nine months.
(Rs. In Lakh)
Segment Reporting for the Quarter / Nine Months ended 31st December 2019
Business Segments Quarter ended Nine Months ended Year ended
31-12-2019 30-09-2019 31-12-2018 31-12-2019 31-12-2018 31-03-2019
Unaudited Unaudited Audited
Segment Revenue
1. Treasury 38284 44326 33463 121713 94058 130725
2. Corporate / Wholesale Banking 37270 37798 39759 113443 124958 165386
3. Retail Banking 100010 98694 96458 296837 282527 379250
4. Other Banking Operations 820 706 585 2152 1712 2498
Total 176384 181524 170265 534145 503255 677859
Segment Results
1. Treasury 9472 15224 9914 38758 21242 34590
2. Corporate / Wholesale Banking 9437 9176 10904 28907 36852 48484
3. Retail Banking 25785 24673 27278 76402 82874 109855
4. Other Banking Operations 717 621 517 1893 1525 2219
Total 45411 49694 48613 145960 142493 195148
Less: Unallocated Expenses 6938 6578 6112 19858 17891 24069
Operating Profit 38473 43116 42501 126102 124602 171079
Tax expense 540 266 341 5030 5896 11137
Other Provisions 36426 36517 40040 105940 103621 138855
Net Profit from ordinary activities 1507 6333 2120 15132 15085 21087
Extraordinary items 0 0 0 0 0 0
Net Profit 1507 6333 2120 15132 15085 21087
Segment Assets
1. Treasury 1978272 2031770 1620475 1978272 1620475 1560418
2. Corporate / Wholesale Banking 1245554 1266351 1302805 1245554 1302805 1359870
3. Retail Banking 3466386 3443830 3297721 3466386 3297721 3498211
4. Other Banking Operations 0 0 0 0 0 0
5. Unallocated 575271 599480 538247 575271 538247 515512
Total Segment Assets 7265483 7341431 6759248 7265483 6759248 6934011
Segment Liabilities
1. Treasury 1896941 2009300 1468041 1896941 1468041 1446291
2. Corporate / Wholesale Banking 1111004 1116766 1179811 1111004 1179811 1226053
3. Retail Banking 3092531 3036956 2987181 3092531 2987181 3154225
4. Other Banking Operations 0 0 0 0 0 0
5. Unallocated 513369 528279 487966 513369 487966 465162
Total (a) 6613845 6691301 6122999 6613845 6122999 6291731
Capital Employed (Segment Assets - Segment Liabilities)
1. Treasury 81331 22470 152434 81331 152434 114127
2. Corporate / Wholesale Banking 134550 149585 122994 134550 122994 133817
3. Retail Banking 373855 406874 310540 373855 310540 343986
4. Other Banking Operations 0 0 0 0 0 0
5. Unallocated 61902 71201 50281 61902 50281 50350
Total (b) 651638 650130 636249 651638 636249 642280
Total Segment Liabilities (a+b) 7265483 7341431 6759248 7265483 6759248 6934011
For the above segment reporting, the reportable segments are identified into Treasury, Corporate / Wholesale Banking, Retail Banking and Other Banking Operations in compliance with RBI guidelines. The Bank operates only in India.

Notes:

  1. The above financial results for the quarter/nine months ended 31st December 2019 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at the meeting held on 01st February 2020. The same have been subjected to “Limited Review” by the Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank of India and as per the listing agreement with the stock exchange.
  2. There has been no change in the accounting policies followed in the preparation of interim financial results for the quarter/nine months ended 31st December 2019 as compared to those followed in the annual financial statements for the year ended 31st March 2019.
  3. The bank has made provisions in accordance with Reserve Bank of India guidelines, for loan losses and depreciation on Investments, Standard Advances, Restructured Advances, exposures to entities with Unhedged Foreign Currency Exposure. Provision for employees’ retirement benefits viz. pension, gratuity and leave encashment has been made based on actuarial valuation. Provision for Income Tax, Deferred Tax and other contingencies are made on an estimated and proportionate basis and are subject to adjustments, if any, at the year end.
  4. Other income includes fees earned from providing services to customers, commission from non-fund based banking activities, earnings from foreign exchange transactions, selling third party products, profit on sale of investments (net), recoveries from advances written off, etc.
  5. In accordance with RBI circular DBOD.No.BP.BC.1/21.06.201/2015-16 dated 01st July 2015, read together with RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated 31st March 2015, Banks are required to make Pillar 3 disclosures under Basel III capital regulations. Accordingly, Pillar 3 disclosures under Basel III capital regulations have been made available on the Bank’s website at the following link https://www.kvb.co.in/about-us/disclosures/disclosures-pillar-III/. These disclosures have not been subjected to review/audit by the Statutory Central Auditors.
  6. From quarter/half-year ended 30th September 2019, the Bank has elected to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendments) Ordinance, 2019. Accordingly, provision for Income Tax for the quarter and nine months ended 31st December 2019 as well as re-measurement of Deferred Tax Liability and Assets have been made basis the rate prescribed in the aforesaid section.
  7. In respect of certain Non-Performing Assets under Red Flag Account, there is a delay over and above the time period of six months as stipulated by the RBI vide Master Direction DBS.CO.CFMC.BC.No.1/23.04.001/2016-17 dated 1st July 2016 (updated as on 3rd July 2017) in classifying the accounts as fraud or otherwise pending completion and receipt of the forensic audit reports. These accounts which have balance outstanding of Rs.17975.07 lakhs (net of provisions) have also been referred to National Company Law tribunal under Corporate Insolvency Resolution Process for recovery / resolution proceedings. In the opinion of the management, the provisions on these accounts made are adequate and no additional provisions are required to be made as on 31st December 2019.
  8. Provision Coverage Ratio calculated as per Reserve Bank of India guidelines is 65.43% as on 31st December 2019.
  9. Previous period’s / year’s figures have been re-classified / regrouped wherever considered necessary to confirm to the current period’s classification.

For and on behalf of Board of Directors

P. R. Seshadri
Managing Director & CEO

Place: Karur
Date: 01.02.2020

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