Standalone Unaudited Financial Results for the Quarter ended 31st December 2018
(Rs. In Lakhs)
|Particulars||Quarter ended||9 Months ended||Year Ended|
|1. Interest earned (a+b+c+d)||144276||145694||142232||434223||420877||569965|
|a) Interest / discount on advances / bills||114174||115909||111654||343510||331588||442081|
|b) Income on Investments||29223||28722||28124||86897||82901||112293|
|c) Interest on balances with Reserve Bank of India & other interbank funds||549||728||2131||2782||5538||7721|
|d) Other Interest||330||335||323||1034||850||7870|
|2. Other Income||25989||17556||22485||69032||69128||89993|
|3. Total Income (1+2)||170265||163250||164717||503255||490005||659958|
|4. Interest Expended||86193||87780||86068||259864||255355||340154|
|5. Operating Expenses (i+ii)||41571||39331||36530||118789||104889||142072|
|(i) Employees cost||19767||17266||15336||54889||45988||63908|
|(ii) Other operating expenses||21804||22065||21194||63900||58901||78164|
|6. Total Expenditure (excluding provisions and contingencies) (4+5)||127764||127111||122598||378653||360244||482226|
|7. Operating Profit before provisions and contingencies (3-6)||42501||36139||42119||124602||129761||177732|
|8. Provisions (other than tax) and Contingencies||40040||21314||32470||103621||87950||127367|
|9. Exceptional items||-||-||-||-||-||-|
|10. Profit from ordinary activities before tax (7-8-9)||2461||14825||9649||20981||41811||50365|
|11. Tax expense||341||6451||2500||5896||12300||15798|
|12. Net Profit from ordinary activities after tax (10-11)||2120||8374||7149||15085||29511||34567|
|13. Extraordinary items (net of tax expense)||-||-||-||-||-||-|
|14. Net Profit for the period (12-13)||2120||8374||7149||15085||29511||34567|
|15. Paid-up equity share capital (FV Rs. 2/- per share)||15986||15986||14533||15986||14533||14533|
|16. Reserves excluding Revaluation Reserve||611886|
|17. Analytical Ratios|
|(i) % of shares held by Government of India||0%||0%||0%||0%||0%||0%|
|(ii) Capital Adequacy Ratio - Basel III||14.59%||14.22%||13.92%||14.59%||13.92%||14.43%|
|(iii) Earnings per share (EPS)^ (Rs.)|
|a) Basic EPS before and after extraordinary items||0.27||1.05||0.95||1.89||4.03||4.78|
|b) Diluted EPS before and after extraordinary items||0.27||1.05||0.95||1.89||4.03||4.78|
|(iv) NPA Ratios|
|a) Gross NPA||405573||370741||266332||405573||266332||301576|
|b) Net NPA||229560||205151||169892||229560||169892||186283|
|c) % of Gross NPA||8.49%||7.70%||5.94%||8.49%||5.94%||6.56%|
|d) % of Net NPA||4.99%||4.41%||3.88%||4.99%||3.88%||4.16%|
|(v) Return on Asset (annualised)||0.12%||0.49%||0.43%||0.29%||0.62%||0.53%|
^ EPS not annualized for the quarter / 9 Months. EPS for the earlier periods / year has been re-stated after considering the rights issue of equity shares made during the quarter ended 31st December 2017 and the issue of bonus shares during the quarter ended 30th September 2018.
(Rs. In Lakhs)
|Business Segments||Quarter ended||9 Months ended||Year Ended|
|2. Corporate / Wholesale Banking||39759||41589||42757||124958||127727||170986|
|3. Retail Banking||96458||93010||87836||282527||260222||352660|
|4. Other Banking Operations||585||533||430||1712||1231||1790|
|Segment Results (Net of provisions)|
|2. Corporate / Wholesale Banking||10904||11862||13347||36852||40808||55514|
|3. Retail Banking||27278||26487||25121||82874||75384||104555|
|4. Other Banking Operations||517||477||389||1525||1114||1618|
|Less: Unallocated Income/Expenses||6112||6025||5670||17891||16524||22239|
|Net Profit from ordinary activities||2120||8374||7149||15085||29511||34567|
|2. Corporate / Wholesale Banking||1302805||1393214||1400733||1302805||1400733||1402984|
|3. Retail Banking||3297721||3254764||2978520||3297721||2978520||3077030|
|4. Other Banking Operations||-||-||-||-||-||-|
|Total Segment Assets||6759050||6792042||6653125||6759050||6653125||6692912|
|2. Corporate / Wholesale Banking||1179773||1254319||1253635||1179773||1253635||1255173|
|3. Retail Banking||2987084||2930617||2666282||2987084||2666282||2752878|
|4. Other Banking Operations||-||-||-||-||-||-|
|Capital Employed (Segment Assets - Segment Liabilities)|
|2. Corporate / Wholesale Banking||123032||138895||147098||123032||147098||147811|
|3. Retail Banking||310637||324147||312238||310637||312238||324152|
|4. Other Banking||-||-||-||-||-||-|
|Total Segment Liabilities (a+b)||6759050||6792042||6653125||6759050||6653125||6692912|
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.
- The above financial results for the period ended 31st December 2018 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at the meeting held on 12th February 2019. The same have been subjected to “Limited Review” by the Statutory Central Auditors of the Bank.
- There has been no change in the accounting policies followed in the preparation of interim financial results for the period ended 31st December 2018, as compared to those followed in the annual financial statements for the year ended 31st March 2018.
- 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.
- 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), income from priority sector lending certificates, recoveries from advances written off, etc.
- In the Annual General Meeting held on 9th August 2018, the shareholders of the bank approved an issue of 7,26,63,937 bonus shares to equity shareholders, in the proportion of 1 (one) bonus share of Rs. 2/- each for every 10 (ten) fully paid up equity shares. Correspondingly, the basic and diluted Earnings Per Share have been restated for the previous period / year.
- Reserve Bank of India vide circulars DBR No. BP.BC.102/21.04.048/2017-18 dated April 02, 2018 and DBR No. BP.BC.113/21.04.048/2017-18 dated June 15, 2018, granted Banks the option to amortise provisioning for mark-to-market losses on investments held in AFS and HFT categories for the quarters ended 31st December 2017, 31st March 2018 and 30th June 2018, equally over four quarters, commencing with the quarter in which the loss was incurred. Accordingly, the Bank has charged proportionate un-amortised MTM loss of Rs. 2540 lakhs pertaining to the quarters ended 31st March, 2018 and 30th June, 2018 to the profit and loss account during the quarter ended 31st December 2018 and the balance amount of Rs. 2106 lakhs pertaining to the quarter ended 30th June 2018 will be amortised during the quarter ending 31st March 2019.
- In accordance with RBI circular DBOD.No.BPBC.1/21.06.201/2015-16 dated July 01, 2015, read together with RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 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.
- Provision Coverage Ratio calculated as per the guidelines of Reserve Bank of India is 56.09% as on 31st December 2018.
- The financial results for the quarter ended 31st December 2017, and for the period 1st April 2017 to 31st December 2017, were reviewed by the predecessor Central Statutory Auditors. Also, the financial results for the year ended 31st March 2018 had been audited by the predecessor Central Statutory Auditors.
- Previous period’s / year’s figures have been re-classified / regrouped wherever considered necessary to conform to the current period’s classification.
For and on behalf of Board of Directors
P. R. Seshadri
Managing Director & C.E.O