Standalone Unaudited Financial Results for the Quarter / Half-year ended 30th September 2018

(Rs. In Lakhs)

Particulars Quarter ended Half Year ended Year Ended
30.09.2018 30.06.2018 30.09.2017 30.09.2018 30.09.2017 31.03.2018
Unaudited Unaudited Audited
1. Interest earned (a+b+c+d) 145694 144253 140237 289947 278645 569965
a) Interest / discount on advances / bills 115909 113427 111079 229336 219934 442081
b) Income on Investments 28722 28952 27362 57674 54777 112293
c) Interest on balances with Reserve Bank of India & other interbank funds 728 1505 1532 2233 3407 7721
d) Other Interest 335 369 264 704 527 7870
2. Other Income 17556 25487 23013 43043 46643 89993
3. Total Income (1+2) 163250 169740 163250 332990 325288 659958
4. Interest Expended 87780 85891 84736 173671 169287 340154
5. Operating Expenses (i+ii) 39331 37887 35813 77218 68359 142072
(i) Employees cost 17266 17856 15507 35122 30652 63908
(ii) Other operating expenses 22065 20031 20306 42096 37707 78164
6. Total Expenditure (4+5) (excluding provisions and contingencies) 127111 123778 120549 250889 237646 482226
7. Operating Profit before provisions and contingencies (3-6) 36139 45962 42701 82101 87642 177732
8. Provisions (other than tax) and Contingencies 21314 42267 32136 63581 55480 127367
9. Exceptional items - - - - - -
10. Profit from ordinary activities before tax (7-8-9) 14825 3695 10565 18520 32162 50365
11. Tax expense 6451 -896 3000 5555 9800 15798
12. Net Profit from ordinary activities after tax (10-11) 8374 4591 7565 12965 22362 34567
13. Extraordinary items (net of tax expense) - - - - - -
14. Net Profit for the period (12-13) 8374 4591 7565 12965 22362 34567
15. Paid-up equity share capital (FV Rs. 2/- per share) 15986 14533 12186 15986 12186 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 14.22% 14.08% 12.22% 14.22% 12.22% 14.43%
(iii) Earnings per share (EPS)^ (Rs.)
a) Basic EPS before and after extraordinary items 1.05 0.57 1.05 1.62 3.1 4.78
b) Diluted EPS before and after extraordinary items 1.05 0.57 1.05 1.62 3.1 4.78
(iv) NPA Ratios
a) Gross NPA 370741 356339 213619 370741 213619 301576
b) Net NPA 205151 208832 140730 205151 140730 186283
c) % of Gross NPA 7.70% 7.44% 4.83% 7.70% 4.83% 6.56%
d) % of Net NPA 4.41% 4.50% 3.24% 4.41% 3.24% 4.16%
(v) Return on Asset (annualised) 0.49% 0.27% 0.48% 0.38% 0.71% 0.53%

^ EPS not annualized for the quarter / half year. EPS for the earlier periods / year has been re-stated after considering the rights issue of equity shares made during the quarter ended 31 December 2017 and the issue of bonus shares during the current quarter.

Statement of Assets and Liabilities as on 30th September 2018

(Rs. In Lakhs)

Particulars As on 30-09-2018 (Unaudited) As on 30.09.2017 (Unaudited) As on 31.03.2018 (Audited)
Capital & Liabilities
Capital 15986 12186 14533
Reserves and Surplus 618144 513185 611886
Deposits 5826177 5639988 5689009
Borrowings 188430 66295 238167
Other Liabilities and Provisions 143305 164217 139317
Total 6792042 6395871 6692912
Assets
Cash & Balances with Reserve Bank of India 302818 294952 296007
Balances with Banks and Money at Call and Short Notice 99930 98839 133683
Investments 1553712 1468041 1580321
Advances 4647978 4343479 4480015
Fixed Assets 57701 47375 52819
Other Assets 129903 143185 150067
Total 6792042 6395871 6692912

Segment Results

(Rs. In Lakhs)

Business Segments Quarter ended Half Year ended Year Ended
30.09.2018 30.06.2018 30.09.2017 30.09.2018 30.09.2017 31.03.2018
Unaudited Unaudited Audited
Segment Revenue
1. Treasury 28118 32477 32074 60595 67131 134522
2. Corporate / Wholesale Banking 41589 43610 40435 85199 84970 170986
3. Retail Banking 93010 93059 90338 186069 172386 352660
4. Other Banking Operations 533 594 403 1127 801 1790
Total 163250 169740 163250 332990 325288 659958
Segment Results (Net of provisions)
1. Treasury 3338 7990 9179 11328 20793 38284
2. Corporate / Wholesale Banking 11862 14086 12763 25948 27484 55514
3. Retail Banking 26487 29109 25836 55596 49494 104555
4. Other Banking Operations 477 531 366 1008 725 1618
Total 42164 51716 48144 93880 98496 199971
Unallocated Income / Expenses 6025 5754 5443 11779 10854 22239
Operating Profit 36139 45962 42701 82101 87642 177732
Tax expense 6451 -896 3000 5555 9800 15798
Other Provisions 21314 42267 32136 63581 55480 127367
Net Profit from ordinary activities 8374 4591 7565 12965 22362 34567
Extraordinary items - - - - - -
Net Profit 8374 4591 7565 12965 22362 34567
Other Information
Segment Assets
1. Treasury 1651777 1690160 1510999 1651777 1510999 1655543
2. Corporate / Wholesale Banking 1393214 1443321 1351303 1393214 1351303 1402984
3. Retail Banking 3254764 3197261 2992176 3254764 2992176 3077030
4. Other Banking Operations - - - - - -
5. Unallocated 492287 496834 541393 492287 541393 557355
Total Segment Assets 6792042 6827576 6395871 6792042 6395871 6692912
Segment Liabilities
1. Treasury 1529593 1569236 1411524 1529593 1411524 1559607
2. Corporate / Wholesale Banking 1254319 1299957 1233545 1254319 1233545 1255173
3. Retail Banking 2930617 2879705 2730962 2930617 2730962 2752878
4. Other Banking Operations - - - - - -
5. Unallocated 443383 447667 494469 443384 494469 498835
Total (a) 6157912 6196565 5870500 6157913 5870500 6066493
Capital Employed (Segment Assets - Segment Liabilities)
1. Treasury 122184 120924 99475 122184 99475 95936
2. Corporate / Wholesale Banking 138895 143364 117758 138895 117758 147811
3. Retail Banking 324147 317556 261214 324147 261214 324152
4. Other Banking - - - - - -
5. Unallocated 48904 49167 46924 48903 46924 58520
Total (b) 634130 631011 525371 634129 525371 626419
Total Segment Liabilities (a+b) 6792042 6827576 6395871 6792042 6395871 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.

Notes:

  1. The above financial results for the period ended 30th September 2018 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at the meeting held on 24th October 2018. The same have been subjected to “Limited review” by the Statutory Central Auditors of the Bank.
  2. There has been no change in the accounting policies followed in the preparation of interim financial results for the period ended 30th September 2018 as compared to those followed in the annual financial statements for the year ended 31st March 2018.
  3. The bank has made provisions as per 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 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), income from priority sector lending certificates, recoveries from advances written off.
  5. In the Annual General Meeting held on 9th August 2018, the shareholders of the bank approved issue of 7,26,63,937 bonus shares to equity share holders in the proportion of 1 (one) bonus share of Rs. 2/- each for every 10 (ten) fully paid up equity shares. Correspondingly basic and diluted Earnings Per Share has been restated for the previous period / year.
  6. The mark to market depreciation on investments in AFS / HFT category not amortised was Rs. 7,656 Lakhs as at 30th June 2018. Reserve Bank of India vide circulars DBR No. BP.BC.101/21.04.043/2017-18 dated April 02, 2018 and DBR No. BP.BC.113/21.04.048/2017-18 dated June 15, 2018 granted Banks the option to spread provisioning for mark-to-market losses on investments held in AFS and HFT categories for the quarters ended December 31, 2017, March 31, 2018 and June 30, 2018 equally over up to four quarters, commencing with the quarter in which the loss was incurred. Accordingly, Bank has charged proportionate un-amortised MTM loss of Rs. 3010 lakhs pertaining to the quarters ended 31st December 2017, 31st March, 2018 and 30th June, 2018 to the profit and loss account during the quarter ended 30 September 2018 and the balance amount of Rs. 4646 lakhs will be spread over the next two quarters
  7. 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. These disclosures have not been subjected to review / audit by the Statutory Central Auditors.
  8. Provision Coverage Ratio calculated as per the guidelines of Reserve Bank of India is 58.50% as on 30th September 2018.
  9. The financial results for the quarter ended 30th September 2017 and year to date ended for the period 1st April 2017 to 30th September 2017 and previous quarter ended 30th June 2018 were reviewed by predecessor auditors. Also, the financial results for the year ended 31st March 2018 was audited by predecessor auditor.
  10. 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

Place: Karur
Date: 24.10.2018

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