Vijaya Bank - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above financial results have been reviewed by the Audit Committee of the Board in the meeting held on 23rd January 2019 and approved by the Board of Directors in the meeting held on 23rd January 2019. 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 (RBI) and as per the requirement of listing agreement with Stock exchanges.
2. There has been no change in the Accounting Policies and Practices in preparation of these financial statements as compared to those followed in the preceding financial year ended on 31st March 2018 and the same conform to RBI guidelines/directives issued from time to time except depreciation charge on computers and related IT Assets where the Bank has adopted Straight Line Method in preference to the Written Down Value Method hitherto followed. This however has no significant impact on profit for the period.
3. Above financial results have been arrived at after making necessary provisions for Income Tax (on estimated basis), Provision for Depreciation on fixed assets, Provision for Employee Benefits on estimated basis (AS-15) and Provision for NPAs, Standard Assets, Restructured Accounts and Depreciation on Investment on the basis of Prudential Norms issued by the Reserve Bank of India and provision for exposure to entities with unhedged foreign currency exposures.
4. In terms of RBI Circular dated 1st July 2015, banks are required to make Pillar 3 disclosures under BASEL III capital regulations. Accordingly, Pillar 3 disclosures under BASEL III Capital regulations are being made available on Banks website. These disclosures have not been subjected to review.
5. The provision coverage ratio as at December 31, 2018 works out to 61.93.%. (62.65% as at 30th September 2018 and 61.25% as at 31st December 2017)
6. Pursuant to the proposed Bipartite agreement on wage revision (due from November 2017), a sum of Rs. 12.03 crores has been provided for the quarter towards wage arrears (Rs. 42.40 crores upto 30th September 2018).
7. Figures of previous period/year have been reclassified/ regrouped where ever considered necessary.
G Narayanan Chairman
R.A. Sankara Narayanan Managing Director & Chief Executive Officer