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Company Announcements

1st Quarter Results

By LSE RNS

RNS Number : 9189U
Federal Bank Ltd (The)
17 July 2018
 

 

 

 

SDF-24/         /2018-19                                                                      17th July 2018

 

To,

The London Stock Exchange

 

 

Dear Sir,

We enclose herewith the UnAudited Financial Results of the Bank for the period ended June 30, 2018 which was approved at the Bank's Board of Directors meeting held on 17th July 2018.

 

Kindly take the same on your record.

 

For The Federal Bank Limited

 

 

 

 

Girish Kumar G

Company Secretary

 



 

B S R & Co. LLP

M.M. Nissim & Co.

Chartered Accountants

Chartered Accountants

5th Floor, Lodha Excelus

Barodawala Mansion, B-Wing,

Apollo Mills Compound

3rd Floor, 81,

N.M. Joshi Marg, Mahalaxmi

Dr. Annie Besant Road,

Mumbai- 400 011

Worli, Mumbai- 400 018

 

Limited Review Report on Unaudited Quarterly Standalone Financial Results of The Federal Bank Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

 

To the Board of Directors of

The Federal Bank Limited

 

1.   We have reviewed the accompanying Statement of Unaudited Standalone Financial Results ('the Statement') of The Federal Bank Limited ('the Bank') for the quarter  ended 30 June 2018, attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ('Listing Regulations'), except for the disclosures relating to consolidated Pillar 3 disclosure as at 30 June 2018, including leverage ratio and liquidity coverage ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Statement and have not been reviewed by us. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2018 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

2.   This Statement is the responsibility of the Bank's management and has been approved by the Board of Directors of the Bank in their meeting held on 17 July 2018. Our responsibility is to issue a report on the Statement based on our review.

3.   We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India.  This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement.  A review is limited primarily to inquiries of the Bank's personnel and analytical procedures applied to financial data and thus provides less assurance than an audit.  We have not performed an audit and accordingly, we do not express an audit opinion.

4.   The Financial results incorporate the relevant returns of 113 Branches and Treasury Branch reviewed by either of us and un-reviewed returns in respect of 1,139 branches. These Branches cover 60.80% of the advances portfolio (excluding outstanding of asset recovery branches and food credit advance) of the Bank and 50.79% of non-performing advances of the bank.

5.   Without qualifying our conclusion, we draw attention to Note No. 9 regarding exercise of the option by the Bank by spreading the provision for Mark to Market (MTM) losses over four quarters resulting into carrying forward of un-amortised MTM losses of ₹ 4,420.48 Lakhs as at 30 June 2018 for amortisation in remaining quarters.

 

 

 

 

 

 

6.   Based on our review conducted as mentioned in paragraphs 3 and 4 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters.

 

For B S R & Co. LLP

For M.M. Nissim & Co.

Chartered Accountants

Chartered Accountants

Firm's Registration No: 101248W / W-100022

Firm's Registration No: 107122W









Akeel Master

Sanjay Khemani

Partner

Partner

Membership No: 046768

Membership No: 044577

Mumbai

Mumbai

17 July 2018                                                                             

17 July 2018

 

 


 


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