RNS Number : 9016C
Federal Bank Ltd (The)
22 October 2020
 

 

SD/F-24/129/2020-21                                                                              22 October  2020

 

                                                      

To,

The London Stock Exchange

 

 

Dear Sir,

 

We enclose herewith the Un- Audited Standalone and Consolidated Financial Results of the Bank for the period ended September 30, 2020 which was approved at the Bank's Board of Directors meeting held on 16th October 2020

 

Kindly take the same on your record.

 

For The Federal Bank Limited

 

 

Samir P Rajdev

Company Secretary



 

Varma & Varma                                                    Borkar & Muzumdar

Chartered Accountants,                                                     Chartered Accountants

No.53/2600, Kerala Varma Tower                                     Anand Nagar, Om Co-op

Off Kunjanbava Road,                                                        Hsg Society, Anand Nagar Lane

Vytilla,                                                                                    Off Nehru Road, Santacruz(East)

Kochi -682019                                                                     Mumbai - 400 055

 

 

Limited Review Report on unaudited standalone financial results of The Federal Bank Limited for the quarter/half year ended 30th September 2020, pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

 

 

Review Report to

The Board of Directors,

The Federal Bank Limited

 

1.     We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of The Federal Bank Limited ('the Bank') for the quarter/half year ended 30th September, 2020 ('the Statement') attached herewith, being submitted by the Bank pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended), except for the disclosures relating to Pillar 3 disclosure under Basel III Capital Regulations, as at 30th September 2020, including Leverage Ratio and Liquidity Coverage Ratio as have been disclosed on the Bank's website and in respect of which a link has been provided in the aforesaid Statement, which have not been reviewed by us.

 

2.     The Statement, which is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard -25 'Interim Financial Reporting' ('AS-25'), prescribed under section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (the 'RBI') from time to time (the 'RBI Guidelines'), SEBI circular CIR/CFD/FAC/62/2016 dated 5th July, 2016 (hereinafter referred to as the 'SEBI Circular'), and other accounting principles generally accepted in India. 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 company 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.     Our review primarily is conducted on the basis of review of the books of account and records of the Bank. We have also relied on the information and explanations furnished to us by the Bank and the returns as considered necessary by us for the review.

 

5.     Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone Financial Results prepared in accordance with applicable accounting standards, the RBI Guidelines, the SEBI circular 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 (as amended) 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.

 

6.     We draw attention to Note No.10 of the accompanying Statement of Unaudited Standalone Financial results, regarding the impact of COVID-19 pandemic and the adjustments made in the accounts for the quarter/half year ended 30th September, 2020 on account of the same. As stated therein, in view of continuing uncertainties, the extent of impact of the pandemic on the Bank's operations and financial position would depend on various aspects, including actions taken to mitigate its impact and other regulatory measures. 

 

Our conclusion on the Statement is not modified in respect of this matter.

 

 

7.     The  review of unaudited quarterly/half yearly financial results for the quarter ended 30th June 2020 and the quarter/half year ended 30th September 2019 and audit of financial results for the year ended 31st  March 2020 included in the Statement were carried out and reported by predecessor auditors who have expressed unmodified conclusion vide review reports dated 15th  July, 2020 and 16th October 2019 respectively for the periods ended 30th June 2020 and 30th September 2019 and unmodified opinion vide audit report dated 28th May, 2020, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement.

 

Our conclusion on the Statement is not modified in respect of this matter.

         

 

For Varma & Varma                                               For Borkar & Muzumdar

Chartered Accountants                                          Chartered Accountants

FRN:004532S                                                        FRN:101569W

                            

                                               

 

R Rajasekharan                                                    Devang Vaghani

Partner                                                                  Partner

M. No. 22703                                                         M. No. 109386

UDIN: 20022703AAAAAA8316                                UDIN: 20109386AAAAFN1336

 

Kochi-19                                                                Mumbai-55

16th October 2020                                                 16th October 2020

 



 

Varma & Varma                                                    Borkar & Muzumdar

Chartered Accountants,                                                     Chartered Accountants

No.53/2600, Kerala Varma Tower                                     Anand Nagar, Om Co-op

Off Kunjanbava Road,                                                        Hsg Society, Anand Nagar Lane

Vytilla,                                                                                    Off Nehru Road, Santacruz(East)

Kochi -682019                                                                     Mumbai - 400 055

 

 

 

Limited Review Report on consolidated unaudited financial results of The Federal Bank Limited for the quarter/half year ended 30th September 2020, pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

 

 

Review Report to

The Board of Directors,

The Federal Bank Limited

 

1.       We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of The Federal Bank Limited (the 'Bank') and its Subsidiaries (the Bank and its subsidiaries together referred to as 'the Group') and its share of the net profit after tax of its Associates for the quarter ended 30th September 2020 and the year to date results for the period from 1st April 2020 to 30th September 2020 (the 'Statement'), attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'), except for the disclosures relating to consolidated Pillar 3 disclosure, as at 30th September 2020, 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 aforesaid Statement, which have not been reviewed by us.

 

2.       The Statement, which is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard -25 'Interim Financial Reporting' ('AS-25'), prescribed under section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (the 'RBI') from time to time (the 'RBI Guidelines'), SEBI circular CIR/CFD/FAC/62/2016 dated 5th July, 2016 (hereinafter referred to as the 'SEBI Circular'), and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

 

3.       We conducted our review of the Statement 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. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

 

4.       Our review primarily is conducted on the basis of review of the books of account and records of the Bank. We have also relied on the information and explanations furnished to us by the Bank and the returns as considered necessary by us for the review.

 

5.       This Statement includes the results of the following entities:

a.   Fedbank Financial Services Limited (Subsidiary)

b.   Federal Operations and Services Limited (Subsidiary)

c.   IDBI Federal Life Insurance Company Limited (Associate)

d.   Equirus Capital Private Limited (Associate)

 

6.       Based on our review conducted and procedures performed as stated in Paragraphs 3 and 4 above and based on the consideration of the review reports of other auditors referred to in Paragraphs 8 and 9 below, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards, the RBI Guidelines, the SEBI circular 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 (as amended) including the manner in which it is to be disclosed, except for the disclosures relating to consolidated Pillar 3 disclosure, as at 30th September 2020, 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 aforesaid Statement, which have not been reviewed by us, or that it contains any material misstatement.

 

7.       We draw attention to Note No.11 of the accompanying Statement, regarding the impact of COVID-19 pandemic and the adjustments made in the accounts for the quarter/half year ended 30th September, 2020 on account of the same. As stated therein, in view of continuing uncertainties, the extent of impact of the pandemic on the Bank's operations and financial position would depend on various aspects, including actions taken to mitigate its impact and other regulatory measures.

 

Our conclusion on the Statement is not modified in respect of this matter.

 

8.       The statement of consolidated unaudited financial results includes the interim financial statements / financial information/ financial results of the two subsidiaries whose unaudited financial results reflects total assets of Rs.  4,54,990.48 Lakhs as at 30th September 2020 and total revenues of Rs. 17,416.68 Lakhs and Rs.32,940.75 Lakhs and total net profit after tax of Rs.808.06 Lakhs and Rs.2241.69 Lakhs for the quarter ended 30th September 2020 and for the period from 1st April 2020 to 30th September 2020 respectively, and cash flows (net) of Rs.15,560.19 for the period from 1st April 2020 to 30th September 2020. These interim financial statements/financial information/ financial results have been reviewed by one of the Joint auditors of the Bank, whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on their reports and the procedures performed by us as stated in Paragraphs 3 and 4 above.

 

Our conclusion on the Statement is not modified in respect of this matter.

 

9.       The statement of consolidated unaudited financial results includes the Group's share of net loss after tax of Rs.42.73 Lakhs and Rs.49.55 Lakhs for the quarter ended 30th September  2020 and for the period from 01st April 2020 to 30th September 2020, respectively, in respect of one associate whose interim financial results have not been reviewed by us. These interim financial results have been reviewed by another auditor whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said associate, is based solely on the report of the other auditor and the procedures performed by us as stated in Paragraphs 3 and 4 above.

 

Our conclusion on the Statement is not modified in respect of this matter.

 

10.     The statement of consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs.216.74 lakhs and Rs.379.95 lakhs for the quarter ended 30th September 2020 and for the period from 1st April 2020 to 30th September 2020, respectively, in respect of one associate, based on their interim financial results which have not been reviewed/audited. According to the information and explanations given to us by the Management, these interim financial statements / financial information / financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of this matter.

 

11.     The  review of unaudited quarterly/half yearly financial results for the quarter ended 30th June 2020 and the quarter/half year ended 30th September 2019 and audit of financial results for the year ended 31st March 2020 included in the Statement were carried out and reported by predecessor auditors who has expressed unmodified conclusion vide review reports dated 15th July, 2020 and 16th October 2019 respectively for the periods ended 30th June 2020 and 30th September 2019 and unmodified opinion vide audit report dated 28th May, 2020, whose reports have been furnished to us and which have been relied upon by us for the purpose of our review of the Statement.

 

Our conclusion on the Statement is not modified in respect of this matter.

 

 

For Varma & Varma                                               For Borkar & Muzumdar

Chartered Accountants                                          Chartered Accountants

FRN:004532S                                                        FRN:101569W

                                                                            

 

 

R Rajasekharan                                                     Devang Vaghani

Partner                                                                  Partner

M. No. 22703                                                         M. No. 109386

UDIN: 20022703AAAAAB2436                                 UDIN: 20109386AAAAFO6674

 

Kochi-19                                                                Mumbai-55

16th October 2020                                                 16th October 2020


THE FEDERAL BANK LIMITED

REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101

(CIN: L65191KL1931PLC000368)

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020








 (` in Lakhs)

Particulars

Quarter ended

Half year ended

Year ended

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

1. Interest earned (a)+(b)+(c)+(d)

        348,790

        344,415

        325,425

        693,205

        648,355

     1,321,075

(a)

Interest/discount on advances/bills

        271,749

        270,598

        263,766

        542,347

        524,374

     1,067,087

(b)

Income on investments

          59,252

          60,612

          52,744

        119,864

        108,267

        218,407

(c)

Interest on balances with Reserve Bank of India and other inter bank funds

          11,661

            7,067

            3,811

          18,728

            5,783

          13,996

(d)

Others

            6,128

            6,138

            5,104

          12,266

            9,931

          21,585

2. Other income

          50,933

          48,837

          42,092

          99,770

          81,244

        193,141

3. TOTAL INCOME (1+2)

      399,723

      393,252

      367,517

      792,975

      729,599

   1,514,216

4. Interest expended

        210,805

        214,771

        213,047

        425,576

        420,560

        856,185

5. Operating expenses (i)+(ii)

          88,265

          85,243

          82,590

        173,508

        158,883

        337,561

(i)

Employees cost

          48,746

          49,585

          44,070

          98,331

          83,854

        177,236

(ii)

Other operating expenses

          39,519

          35,658

          38,520

          75,177

          75,029

        160,325

6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)

      299,070

      300,014

      295,637

      599,084

      579,443

   1,193,746

7. OPERATING PROFIT (3-6)
 (Profit before provisions and contingencies)

      320,470

8. Provisions (other than tax) and contingencies

          59,206

          39,462

          25,177

          98,668

          44,381

        117,217

9. Exceptional items


                 -  

                 -  

                 -  

                 -  

                 -  

                 -  

10. Profit from Ordinary Activities before tax
(7-8-9)

         41,447

         53,776

         46,703

         95,223

      105,775

      203,253

11. Tax expense


          10,685

          13,699

            5,033

          24,384

          25,684

          48,975

12. Net Profit from Ordinary Activities after tax  (10-11)

         30,762

         40,077

         41,670

         70,839

         80,091

      154,278

13. Extraordinary items (net of tax expense)


                 -  

                 -  

                 -  

                 -  

                 -  

                 -  

14. Net Profit for the period (12-13)


         30,762

         40,077

         41,670

         70,839

         80,091

      154,278

15. Paid-up Equity Share Capital
(Face value ` 2/- per Equity Share)

          39,893

          39,875

          39,762

          39,893

          39,762

          39,853

16. Reserves excluding Revaluation Reserve






     1,411,407

17. Analytical Ratios








(i)

Percentage of shares held by Government of India

NIL

NIL

NIL

NIL

NIL

NIL

(ii)

Capital Adequacy ratio (%)








Under Basel III

            14.64

            14.17

            13.98

            14.64

            13.98

            14.35

(iii)

Earnings per Share (EPS) (in `)








(a) Basic EPS  (before and after extra ordinary items)

1.54*

2.01*

2.10*

 3.55*

 4.03*

              7.76


(b) Diluted EPS (before and after extra ordinary items)

1.54*

2.01*

2.08*

 3.55*

 4.00*

              7.70

(iv)

NPA Ratios








a) Gross NPA

        355,219

        365,559

        361,211

        355,219

        361,211

        353,083


b) Net NPA

        121,814

        147,746

        184,364

        121,814

        184,364

        160,717


c) % of Gross NPA

              2.84

              2.96

              3.07

              2.84

              3.07

              2.84


d) % of Net NPA

              0.99

              1.22

              1.59

              0.99

              1.59

              1.31

(v)

Return on Assets (%)

0.16*

0.22*

 0.26*

 0.38*

 0.51*

              0.94









* Not Annualised







 



 

Segment Information@














 (` in Lakhs)

Particulars

Quarter ended

Half year ended

Year ended

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue:








Treasury

              60,754

              93,782

             61,427

           154,536

           115,775

            226,846


Corporate/Wholesale Banking

            131,976

            115,894

           122,637

           247,870

           246,201

            489,365


Retail Banking

            206,993

            183,576

           183,453

           390,569

           367,623

            798,005


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Total Revenue

           399,723

           393,252

          367,517

          792,975

          729,599

        1,514,216


Less: Inter Segment Revenue

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Income from Operations

           399,723

           393,252

          367,517

          792,975

          729,599

        1,514,216

Segment Results (net of provisions):








Treasury

                4,154

              42,628

             15,748

             46,782

             25,298

              41,518


Corporate/Wholesale Banking

              15,063

              (8,149)

             11,334

               6,914

             29,580

              17,058


Retail Banking

              22,230

              19,299

             19,621

             41,529

             50,897

            145,113


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

                      -  

                     (2)

                     -  

                     (2)

                     -  

                 (436)


Profit before tax

             41,447

             53,776

            46,703

            95,223

          105,775

           203,253

Segment Assets









Treasury

         4,378,891

         4,219,642

        2,930,670

        4,378,891

        2,930,670

         3,787,323


Corporate/Wholesale Banking

         6,809,139

         7,013,384

        6,778,385

        6,809,139

        6,778,385

         7,056,243


Retail Banking

         6,937,457

         6,529,646

        6,066,964

        6,937,457

        6,066,964

         6,480,887


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

            777,184

            819,363

           866,430

           777,184

           866,430

            739,352


Total

     18,902,671

     18,582,035

     16,642,449

     18,902,671

     16,642,449

     18,063,805

Segment Liabilities









Treasury

         1,305,303

         1,396,438

        1,326,738

        1,305,303

        1,326,738

         1,627,269


Corporate/Wholesale Banking

         1,405,908

         1,227,165

           999,919

        1,405,908

           999,919

         1,258,540


Retail Banking

       14,461,623

       14,227,797

      12,708,464

      14,461,623

      12,708,464

       13,458,149


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

            206,312

            238,354

           231,897

           206,312

           231,897

            268,086


Total

     17,379,146

     17,089,754

     15,267,018

     17,379,146

     15,267,018

     16,612,044

Capital employed:







(Segment Assets - Segment Liabilities)








Treasury

         3,073,588

         2,823,204

        1,603,932

        3,073,588

        1,603,932

         2,160,054


Corporate/Wholesale Banking

         5,403,231

         5,786,219

        5,778,466

        5,403,231

        5,778,466

         5,797,703


Retail Banking

       (7,524,166)

       (7,698,151)

       (6,641,500)

       (7,524,166)

       (6,641,500)

       (6,977,262)


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

            570,872

            581,009

           634,533

           570,872

           634,533

            471,266


Total

        1,523,525

        1,492,281

       1,375,431

       1,523,525

       1,375,431

        1,451,761

@

For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations in compliance with the RBI guidelines.


Statement of Assets and Liabilities of the Bank as on September 30, 2020 is given below:









(` in Lakhs)




Particulars

As at 30.09.2020

As at 30.09.2019

As at 31.03.2020




Unaudited

Unaudited

Audited




CAPITAL AND LIABILITIES







Capital

39,893

39,762

39,853




Reserves and Surplus

1,483,632

1,335,669

1,411,908




Deposits

15,674,739

13,954,652

15,229,008




Borrowings

1,104,314

776,384

1,037,243




Other Liabilities and Provisions

600,093

535,982

345,793




Total

18,902,671

16,642,449

18,063,805




ASSETS







Cash and Balances with Reserve Bank of India

611,989

773,319

617,491




Balance with Banks and Money at Call and Short Notice

1,352,867

367,442

639,967




Investments

3,625,263

3,109,436

3,589,268




Advances

12,291,199

11,589,321

12,226,791




Fixed assets

45,717

47,248

47,999




Other assets

975,636

755,683

942,289




Total

18,902,671

16,642,449

18,063,805











Notes:







1

The above Standalone Unaudited Financial Results for the quarter and half year ended September 30, 2020 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 16, 2020. These Results have been subjected to "Limited review" by the Statutory Central Auditors of the Bank and an unqualified review report has been issued.









2

The Bank has followed the same significant accounting policies in the preparation of the interim financial results as those followed in the annual financial statements for the year ended March 31, 2020.









3

Pursuant to Board approved policy on preparation of segment information, the Bank, with effect from quarter ended June 30, 2020, has revised the basis of preparation of segment information on a direct identification basis with the aid of Internal Transfer pricing mechanism for more appropriate presentation of the segment results. Accordingly, figures for the previous periods have been regrouped / reclassified to conform to current period's classification. 

The change in segment information has no impact on the overall Revenue, Results, and Capital employed of the bank for the quarter and half year ended September 30, 2020 or the previous periods/year.









4

The working results have been arrived at after considering provision for standard assets, including requirements for exposures to entities with Unhedged Foreign Currency Exposures, non-performing assets (NPAs), depreciation on investments, income-tax and other usual and necessary provisions.









5

Other income includes fees earned from providing services to customers, commission from non-fund-based banking activities, earnings from foreign exchange and derivative transactions, selling of third-party products, profit on sale of investments (net), recoveries from advances written off etc.









6

The Capital Adequacy Ratio is computed on the basis of RBI guidelines applicable on the relevant reporting dates and the ratio for the corresponding previous period is not adjusted to consider the impact of subsequent changes if any, in the guidelines.









7

The Business operations of the Bank are largely concentrated in India and for the purpose of Segment reporting, the bank is considered to operate only in domestic segment, though the bank has its operations in International Finance Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec-city (GIFT). The business conducted from the same is considered as part of Indian operations.









8

During the quarter and half year ended September 30, 2020, the Bank has allotted 930,455 and 2,010,385 equity shares of ` 2 each, pursuant to the exercise of stock options by employees.









9

In accordance with RBI Circular  DBR.No.BP.BC.1/21.06.201/2015-16 on Basel III Capital Regulations dated July 01, 2015 and RBI Circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015  - 'Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments', Banks are required to make Pillar 3 disclosure requirements including Leverage Ratio disclosure requirements that are to be made along with the publication of Financial Results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: http://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to audit or review by the Statutory Central Auditors of the Bank.









10

On account of uncertainties arising from the COVID-19 pandemic across the world and in India, the extent to which the same will impact the Bank's operations and financial position will depend on various aspects including actions taken to mitigate its impact and other regulatory measures. The Bank's capital and liquidity position is strong and would continue to be the focus area for the Bank during this period.

 

As per the 'COVID-19 Regulatory Packages' announced by the RBI ('the RBI guidelines'), with regard to providing relief to borrowers' on account of COVID-19 pandemic, whose accounts were standard as on February 29, 2020, the Bank, in accordance with the Board approved policy had offered moratorium on repayment of loan instalments and/or deferment of interest due between March 1, 2020 and August 31, 2020, including relaxation in certain parameters, to all eligible borrowers, without considering the same as restructuring.

 

As on June 30, 2020 Bank was maintaining provision against the likely impact of COVID-19 amounting to ` 18,630.00 Lakhs, which was in excess of RBI mandated 10% provision on asset classification benefit extended accounts. During the current quarter, as a prudent measure, the Bank has made additional provision of ` 40,161.00 Lakhs (` 9,300.00 Lakhs during the quarter ended June 30, 2020), against the further likely impact of COVID-19 pandemic in respect of exposure of the Bank to certain specified sectors based on the assessment of presently available information. The aggregate provision against the likely impact of COVID-19, including the RBI mandated provision, as on September 30, 2020 stands at ` 58,791.00 Lakhs and is grouped under Other liabilities and provisions in the Balance sheet of the Bank.

 

The Honourable Supreme Court in a writ petition by Gajendra Sharma Vs Union of India & Anr vide its interim order dated September 3, 2020 has directed Banks that the accounts which were not declared Non performing asset (NPA) till August 31, 2020 shall not be declared NPA till further orders, pending disposal of the case by Supreme Court. Pursuant to the order, the Bank has not declared any account as NPA, which was not declared as NPA till August 31, 2020 as per the RBI Prudential norms on Income Recognition, Asset classification, and provisioning pertaining to advances. However, as a prudent measure Bank has created sufficient provisions in respect of these advances.









11

The disclosures as required under RBI circular DOR.No.BP.BC.63/21.04.048/2019-20 dated April 17, 2020 is given below for the half year ended as on September 30, 2020:








(` in Lakhs)


Amounts in SMA/overdue categories, where the moratorium/deferment was extended (As of March 31, 2020)

371,262


Amount where asset classification benefits is extended (As of September 30, 2020)

76,397


Provisions made during the quarter ended March 31, 2020 and June 30, 2020 (Mandatory 10% Provision)

7,640


Provisions adjusted during the half year ended September 30, 2020 against slippages

                      -  









12

The disclosures as required under RBI circular DOR.No.BP.BC.62/21.04.048/2020-21 dated April 17, 2020 with respect to the number of accounts and the Amount involved in those accounts where the Resolution period was extended is given below for the half year ended as on September 30, 2020:


No. of accounts in which Resolution Period was extended

3



Amount Involved (` in Lakhs)

4,170










13

The figures for the quarter ended June 30, 2020, quarter and half year ended September 30, 2019 and year ended March 31, 2020 were reviewed / audited by previous statutory auditors.









14

Previous period's / year's figures have been regrouped / reclassified, where necessary to conform to current period's classification.












































 SHYAM SRINIVASAN

Kochi


 MANAGING DIRECTOR & CEO

October 16, 2020


 (DIN: 02274773)

 



 

THE FEDERAL BANK LIMITED

REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101

(CIN: L65191KL1931PLC000368)

CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2020



(` in Lakhs)


Half year ended
 September 30, 2020

Half year ended
 September 30, 2019

Cash Flow from Operating Activities



Net Profit before taxes

                         95,223

                       105,775

Adjustments for:



Depreciation on Bank's Property

                           6,133

                           5,835

Depreciation on Investments

                            (809)

                           2,603

Amortisation of Premium on Held to Maturity Investments

                           6,761

                           3,116

Provision for Non Performing Investments

                              (69)

                              188

Provision / Charge for Non Performing Assets

                         42,573

                         35,177

Provision for Standard Assets

                         56,462

                           6,178

(Profit)/Loss on sale of fixed assets (net)

                              (24)

                              (45)

Provision for Other Contingencies

                              511

                              235


                      206,761

                      159,062

Adjustments for working capital changes:-



(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]

                         92,983

                       (21,727)

(Increase)/ Decrease in Advances

                     (106,980)

                     (602,202)

(Increase)/ Decrease in Other Assets

                       (30,787)

                       (65,540)

Increase/ (Decrease) in Deposits

                       445,730

                       459,218

Increase/ (Decrease) in Other liabilities and provisions

                       197,327

                       196,440


                      598,273

                      (33,811)

Direct taxes paid

                       (26,945)

                       (40,454)

Net Cash Flow from / (Used in) Operating Activities

                      778,089

                        84,797




Cash Flow from Investing Activities



Purchase of Fixed Assets

                         (3,922)

                         (6,010)

Proceeds from Sale of Fixed Assets

                               96

                              176

Investment in Subsidiary

                                -  

                            (500)

(Increase)/ Decrease in Held to Maturity Investments

                     (134,861)

                         89,331

Net Cash generated / (Used in) Investing Activities

                    (138,687)

                        82,997




Cash Flow from Financing Activities



Proceeds from Issue of Share Capital

                               40

                               61

Proceeds from Share Premium

                              711

                           1,342

Proceeds from Issue of Subordinate Debt

                                -  

                         30,000

Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)

                         67,071

                       (31,749)

Dividend Paid (Including Tax on Dividend)

                                -  

                       (33,541)




Net Cash generated from Financing Activities

                        67,822

                      (33,887)




Effect of exchange fluctuation on translation reserve

                              174

                              174




Net Increase in Cash and Cash Equivalents

                      707,398

                      134,081




Cash and Cash Equivalents at the beginning of the period

                    1,257,458

                    1,006,680

Cash and Cash Equivalents at the end of the period

                    1,964,856

                    1,140,761




Note:



Cash and Cash Equivalents comprise of Cash in hand (including foreign currency notes), Balances with Reserve Bank of India, Balances with banks and money at call and short notice.














 SHYAM SRINIVASAN

Kochi

 MANAGING DIRECTOR & CEO

October 16, 2020

 (DIN: 02274773)



 

THE FEDERAL BANK LIMITED

REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101

(CIN: L65191KL1931PLC000368)

CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020








 (` in Lakhs)

Particulars

Quarter ended

Half year ended

Year ended

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Unaudited

Unaudited

Unaudited

 Unaudited

Unaudited

Audited

1. Interest earned (a)+(b)+(c)+(d)

       362,188

       357,211

       333,675

         719,399

       663,196

    1,359,039

(a)

Interest/discount on advances/bills

       285,376

       282,774

       272,087

         568,150

       539,139

    1,104,518

(b)

Income on investments

         59,284

         60,654

         52,674

         119,938

       108,343

       218,550

(c)

Interest on balances with Reserve Bank of India and other inter bank funds

         11,661

           7,067

           3,810

           18,728

           5,783

         13,996

(d)

Others

           5,867

           6,716

           5,104

           12,583

           9,931

         21,975

2. Other income

         50,944

         48,331

         41,169

           99,275

         78,266

       188,181

3. TOTAL INCOME (1+2)

      413,132

      405,542

      374,844

        818,674

      741,462

   1,547,220

4. Interest expended

       215,941

       219,655

       215,422

         435,596

       425,129

       867,831

5. Operating expenses (i)+(ii)

         92,710

         89,595

         86,305

         182,305

       165,382

       354,670

(i)

Employees cost

         52,136

         52,656

         46,321

         104,792

         87,862

       187,598

(ii)

Other operating expenses

         40,574

         36,939

         39,984

           77,513

         77,520

       167,072

6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)

      308,651

      309,250

      301,727

        617,901

      590,511

   1,222,501

7. OPERATING PROFIT (3-6)
 (Profit before provisions and contingencies)

      104,481

        96,292

        73,117

        200,773

      150,951

      324,719

8. Provisions (other than tax) and contingencies

         62,543

         40,935

         25,343

         103,478

         44,675

       118,722

9. Exceptional items


                 -  

                 -  

                 -  

                  -  

                 -  

                 -  

10. Profit from Ordinary Activities before tax
(7-8-9)

        41,938

        55,357

        47,774

          97,295

      106,276

      205,997

11. Tax expense


         10,368

         14,199

           5,334

           24,567

         26,465

         50,720

12. Net Profit from Ordinary Activities after tax  (10-11)

        31,570

        41,158

        42,440

          72,728

        79,811

      155,277

13. Extraordinary items (net of tax expense)


                 -  

                 -  

                 -  

                  -  

                 -  

                 -  

14. Net Profit for the period (12-13)


        31,570

        41,158

        42,440

          72,728

        79,811

      155,277

15. Minority interest


              199

              364

              129

                563

              311

           1,028

16. Share in Profit of Associates


              174

              156

              223

                330

              454

           3,771

17. Consolidated Net Profit of the group
(14-15+16)

        31,545

        40,950

        42,534

          72,495

        79,954

      158,020

18. Paid-up Equity Share Capital
(Face value
` 2/- per Equity Share)

         39,893

         39,875

         39,762

           39,893

         39,762

         39,853

19. Reserves excluding Revaluation Reserve






    1,441,882

20. Analytical Ratios








(i)

Percentage of shares held by Government of India

NIL

NIL

NIL

 NIL

NIL

NIL

(ii)

Capital Adequacy ratio (%)








Under Basel III

           15.19

           14.53

           14.32

             15.19

           14.32

           14.63

(iii)

Earnings per Share (EPS) (in `)








(a) Basic EPS  (before and after extra ordinary items)

1.58*

2.05*

2.14*

 3.64*

 4.03*

             7.94


(b) Diluted EPS (before and after extra ordinary items)

1.58*

2.05*

2.13*

 3.63*

 3.99*

             7.88

(iv)

NPA Ratios








a) Gross NPA

       359,172

       371,207

       365,317

         359,172

       365,317

       358,015


b) Net NPA

       124,985

       152,566

       187,941

         124,985

       187,941

       164,953


c) % of Gross NPA

             2.80

             2.94

             3.06

               2.80

             3.06

             2.82


d) % of Net NPA

             0.99

             1.23

             1.60

               0.99

             1.60

             1.32

(v)

Return on Assets (%)

0.17*

0.22*

 0.26*

 0.39*

 0.49*

             0.92









* Not Annualised







 



 

Segment Information@












 (` in Lakhs)

Particulars

Quarter ended

Half year ended

Year ended

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue:








Treasury

              60,827

              93,782

             61,427

           154,609

           113,692

            223,796


Corporate/Wholesale Banking

            130,786

            114,942

           122,637

           245,728

           246,201

            486,614


Retail Banking

            221,519

            196,818

           190,780

           418,337

           381,569

            836,810


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Total Revenue

           413,132

           405,542

          374,844

          818,674

          741,462

        1,547,220


Less: Inter Segment Revenue

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Income from Operations

           413,132

           405,542

          374,844

          818,674

          741,462

        1,547,220

Segment Results (net of provisions):








Treasury

                4,234

              42,275

             15,747

             46,509

             23,183

              38,436


Corporate/Wholesale Banking

              15,493

              (8,038)

             11,334

               7,455

             29,580

              18,421


Retail Banking

              22,211

              21,122

             20,693

             43,333

             53,513

            149,576


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

                      -  

                     (2)

                     -  

                     (2)

                     -  

                 (436)


Profit before tax

             41,938

             55,357

            47,774

            97,295

          106,276

           205,997

Segment Assets









Treasury

         4,332,971

         4,197,586

        2,932,382

        4,332,971

        2,932,382

         3,765,464


Corporate/Wholesale Banking

         6,742,587

         6,953,817

        6,778,385

        6,742,587

        6,778,385

         6,997,531


Retail Banking

         7,330,321

         6,894,109

        6,233,258

        7,330,321

        6,233,258

         6,832,986


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

            777,293

            819,363

           866,430

           777,293

           866,430

            739,352


Total

     19,183,172

     18,864,875

     16,810,455

     19,183,172

     16,810,455

     18,335,333

Segment Liabilities









Treasury

         1,298,917

         1,395,636

        1,326,738

        1,298,917

        1,326,738

         1,626,174


Corporate/Wholesale Banking

         1,417,520

         1,249,280

           999,919

        1,417,520

           999,919

         1,291,143


Retail Banking

       14,686,523

       14,439,516

      12,834,629

      14,686,523

      12,834,629

       13,649,598


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

            205,895

            238,354

           231,897

           205,895

           231,897

            268,086


Total

     17,608,855

     17,322,786

     15,393,183

     17,608,855

     15,393,183

     16,835,001

Capital employed:







(Segment Assets - Segment Liabilities)








Treasury

         3,034,054

         2,801,950

        1,605,644

        3,034,054

        1,605,644

         2,139,290


Corporate/Wholesale Banking

         5,325,067

         5,704,537

        5,778,466

        5,325,067

        5,778,466

         5,706,388


Retail Banking

       (7,356,202)

       (7,545,407)

       (6,601,371)

       (7,356,202)

       (6,601,371)

       (6,816,612)


Other Banking operations

                      -  

                      -  

                     -  

                     -  

                     -  

                      -  


Unallocated

            571,398

            581,009

           634,533

           571,398

           634,533

            471,266


Total

        1,574,317

        1,542,089

       1,417,272

       1,574,317

       1,417,272

        1,500,332

@

For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations in compliance with the RBI guidelines.


Statement of Assets and Liabilities of the Group as on September 30, 2020 is given below:









(` in Lakhs)




Particulars

As at 30.09.2020

As at 30.09.2019

As at 31.03.2020




Unaudited

Unaudited

Audited




CAPITAL AND LIABILITIES







Capital

39,893

39,762

39,853




Reserves and Surplus

1,515,764

1,362,141

1,442,383




Minority Interest

18,660

15,369

18,096




Deposits

15,648,514

13,952,139

15,225,191




Borrowings

1,347,911

893,823

1,252,772




Other Liabilities and Provisions

612,430

547,221

357,038




Total

19,183,172

16,810,455

18,335,333




ASSETS







Cash and Balances with Reserve Bank of India

613,172

774,158

618,254




Balance with Banks and Money at Call and Short Notice

1,363,110

373,480

657,477




Investments

3,579,343

3,096,818

3,571,539




Advances

12,590,255

11,754,542

12,484,950




Fixed assets

48,378

48,809

50,481




Other assets

988,914

762,648

952,632




Total

19,183,172

16,810,455

18,335,333











Notes:







1

The above Consolidated Unaudited Financial Results for the quarter and half year ended September 30, 2020 were reviewed by the Audit Committee and subsequently taken on record and approved by the Board of Directors at its meeting held on October 16, 2020. These Results have been subjected to "Limited review" by the Statutory Central Auditors of the Bank and an unqualified review report has been issued.









2

The Consolidated Financial Results of the Group comprise the financial results of The Federal Bank Limited and its subsidiaries viz. Fedbank Financial Services Limited & Federal Operations and Services Limited and its associates viz. IDBI Federal Life Insurance Company Limited & Equirus Capital Private Limited.









3

There has been no material change in the accounting policies adopted during the quarter and half year ended September 30, 2020 as compared to those followed for the year ended March 31, 2020.









4

Pursuant to Board approved policy on preparation of segment information, the Bank, with effect from quarter ended June 30, 2020, has revised the basis of preparation of segment information on a direct identification basis with the aid of Internal Transfer pricing mechanism for more appropriate presentation of the segment results. Accordingly, figures for the previous periods have been regrouped / reclassified to conform to current period's classification. 

The change in segment information has no impact on the overall Revenue, Results, and Capital employed of the bank for the quarter and half year ended September 30, 2020 or the previous periods/year.









5

The working results have been arrived at after considering provision for standard assets, including requirements for exposures to entities with Unhedged Foreign Currency Exposures, non-performing assets (NPAs), depreciation on investments, income-tax and other usual and necessary provisions.









6

Other income includes fees earned from providing services to customers, commission from non-fund-based banking activities, earnings from foreign exchange and derivative transactions, selling of third-party products, profit on sale of investments (net), recoveries from advances written off etc.









7

The Capital Adequacy Ratio is computed on the basis of RBI guidelines applicable on the relevant reporting dates and the ratio for the corresponding previous period is not adjusted to consider the impact of subsequent changes if any, in the guidelines.









8

The Business operations of the Bank are largely concentrated in India and for the purpose of Segment reporting, the bank is considered to operate only in domestic segment, though the bank has its operations in International Finance Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec-city (GIFT). The business conducted from the same is considered as a part of Indian operations.









9

During the quarter and half year ended September 30, 2020, the Bank has allotted 930,455 and 2,010,385 equity shares of ` 2 each, pursuant to the exercise of stock options by employees.









10

In accordance with RBI Circular  DBR.No.BP.BC.1/21.06.201/2015-16 on Basel III Capital Regulations dated July 01, 2015 and RBI Circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015  - 'Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments', Banks are required to make Pillar 3 disclosure requirements including Leverage Ratio disclosure requirements that are to be made along with the publication of Financial Results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: http://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to audit or review by the Statutory Central Auditors of the Bank.









11

On account of uncertainties arising from the COVID-19 pandemic across the world and in India, the extent to which the same will impact the Bank's operations and financial position will depend on various aspects including actions taken to mitigate its impact and other regulatory measures. The Bank's capital and liquidity position is strong and would continue to be the focus area for the Bank during this period.

 

As per the 'COVID-19 Regulatory Packages' announced by the RBI ('the RBI guidelines'), with regard to providing relief to borrowers' on account of COVID-19 pandemic, whose accounts were standard as on February 29, 2020, the Bank, in accordance with the Board approved policy had offered moratorium on repayment of loan instalments and/or deferment of interest due between March 1, 2020 and August 31, 2020, including relaxation in certain parameters, to all eligible borrowers, without considering the same as restructuring.

 

As on June 30, 2020 Bank was maintaining provision against the likely impact of COVID-19 amounting to ` 18,630.00 Lakhs, which was in excess of RBI mandated 10% provision on asset classification benefit extended accounts. During the current quarter, as a prudent measure, the Bank has made additional provision of ` 40,161.00 Lakhs (` 9,300.00 Lakhs during the quarter ended June 30, 2020), against the further likely impact of COVID-19 pandemic in respect of exposure of the Bank to certain specified sectors based on the assessment of presently available information. The aggregate provision against the likely impact of COVID-19, including the RBI mandated provision, as on September 30, 2020 stands at ` 58,791.00 Lakhs and is grouped under Other liabilities and provisions in the Balance sheet of the Bank.

 

The Honourable Supreme Court in a writ petition by Gajendra Sharma Vs Union of India & Anr vide its interim order dated September 3, 2020 has directed Banks that the accounts which were not declared Non performing asset (NPA) till August 31, 2020 shall not be declared NPA till further orders, pending disposal of the case by Supreme Court. Pursuant to the order, the Bank has not declared any account as NPA, which was not declared as NPA till August 31, 2020 as per the RBI Prudential norms on Income Recognition, Asset classification, and provisioning pertaining to advances. However, as a prudent measure Bank has created sufficient provisions in respect of these advances.









12

The figures for the quarter ended June 30, 2020, quarter and half year ended September 30, 2019 and year ended March 31, 2020 were reviewed / audited by previous statutory auditors.









13

Previous period's / year's figures have been regrouped / reclassified, where necessary to conform to current period's classification.




















































 SHYAM SRINIVASAN

Kochi


 MANAGING DIRECTOR & CEO

October 16, 2020


 (DIN: 02274773)



 

THE FEDERAL BANK LIMITED

REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101

(CIN: L65191KL1931PLC000368)

CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2020


(` in Lakhs)


Half year ended
 September 30, 2020

Half year ended
 September 30, 2019

Cash Flow from Operating Activities



Net Profit before taxes

                         97,062

                       106,420

Adjustments for:



Depreciation on Group's Property

                           6,547

                           6,039

Depreciation on Investments

                            (456)

                           2,634

Amortisation of Premium on Held to Maturity Investments

                           6,761

                           3,116

Provision for Non Performing Investments

                              (69)

                             188

Provision / Charge for Non Performing Assets

                         42,653

                         35,194

Provision for Standard Assets

                         60,831

                           6,423

(Profit)/ Loss on sale of fixed assets (net)

                              (25)

                              (47)

(Income) / Loss From Associate

                            (330)

                            (454)

Provision for Other Contingencies

                             519

                             235


                      213,493

                      159,748

Adjustments for working capital changes:-



(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]

                       121,152

                       (23,563)

(Increase)/ Decrease in Advances

                     (147,958)

                     (636,145)

(Increase)/ Decrease in Other Assets

                       (31,396)

                       (66,781)

Increase/ (Decrease) in Deposits

                       423,324

                       464,246

Increase/ (Decrease) in Other liabilities and provisions

                       194,703

                       201,710


                      559,825

                      (60,533)

Direct taxes paid

                       (30,115)

                       (41,587)

Net Cash Flow from / (Used in) Operating Activities

                      743,203

                        57,628




Cash Flow from Investing Activities



Purchase of Fixed Assets

                         (4,522)

                         (6,987)

Proceeds from Sale of Fixed Assets

                             103

                             179

Investment in Subsidiary

                                -  

                            (500)

(Increase)/ Decrease in Held to Maturity Investments

                     (134,861)

                         89,331

Net Cash generated / (Used in) Investing Activities

                    (139,280)

                        82,023




Cash Flow from Financing Activities



Proceeds from Issue of Share Capital

                               40

                               61

Proceeds from Share Premium

                             712

                           6,497

Increase / (Decrease) in Minority Interest

                             563

                           6,255

Proceeds from Issue of Subordinate Debt

                                -   

                         30,000

Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)

                         95,139

                         (6,806)

Dividend Paid (Including Tax on Dividend)

                                -  

                       (33,541)




Net Cash generated  from financing Activities

                        96,454

                          2,466




Effect of exchange fluctuation on translation reserve

                             174

                             174




Increase/(Decrease) in Cash and Cash Equivalents

                      700,551

                      142,291




Cash and Cash Equivalents at the beginning of the period

                    1,275,731

                    1,005,347

Cash and Cash Equivalents at the end of the period

                    1,976,282

                    1,147,638




Note:



Cash and Cash Equivalents comprise of Cash in hand (including foreign currency notes), Balances with Reserve Bank of India, Balances with banks and money at call and short notice.











 SHYAM SRINIVASAN

Kochi

 MANAGING DIRECTOR & CEO

October 16, 2020

 (DIN: 02274773)




 

 

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