Press Release
October 25, 2001
Audited Financial Results For The Half-year Ended 30 September 2001
(Rupees in crores)
| Serial Number (Sr. No.); | Particulars | Three months ended | Half-year ended | Year ended 31 March 2001 | ||
|---|---|---|---|---|---|---|
| Sept 30, 2001 | Sept 30, 2000 | Sept 30, 2001 | Sept 30, 2000 | |||
| 1 | Interest earned (a)+(b)+(c)+(d) | 464.69 | 287.34 | 933 | 570.90 | 1,242.13 |
| a)Interest or discount on advances or bills | 195.20 | 131.35 | 384.86 | 249.85 | 570.91 | |
| b)Income on investments | 243.55 | 124.78 | 482.59 | 251.71 | 555.73 | |
| c)Interest on balances with Reserve Bank of India and other interbank funds | 23.21 | 30.68 | 56.12 | 67.87 | 108.67 | |
| d)Others | 2.73 | 0.53 | 9.43 | 1.47 | 6.82 | |
| 2 | Other Income | 95.11 | 34.12 | 222.29 | 65.35 | 220.01 |
| A)TOTAL INCOME (1) + (2) | 559.80 | 321.46 | 1,155.29 | 636.25 | 1,462.14 | |
| 3 | Interest expended | 323.58 | 191.36 | 642.19 | 389.55 | 837.67 |
| 4 | Operating Expenses (e) + (f) | 139.26 | 71.56 | 277.47 | 126.29 | 334.30 |
| e)Payments to and provisions for employees | 34.36 | 11.29 | 67.08 | 23.32 | 51.71 | |
| f)Other operating expenses | 104.9 | 60.27 | 210.39 | 102.97 | 282.59 | |
| B)TOTAL EXPENDITURE (3)+ (4) (excluding provisions and contingencies) | 462.84 | 262.92 | 919.66 | 515.84 | 1,171.97 | |
| 5 | OPERATING PROFIT (A-B) (Profit before Provisions and Contingencies) | 96.96 | 58.54 | 235.63 | 120.41 | 290.17 |
| 6 | Other provisions and contingencies (net) | 1.25 | 22.43 | 46.91 | 36.50 | 63.65 |
| 7 | Provision for taxes | 29.56 | 6.05 | 57.32 | 13.71 | 65.42 |
| 8 | Net Profit (5-6-7) | 66.15 | 30.06 | 131.40 | 70.20 | 161.10 |
| 9 | Paid-up equity share capital | 220.36 | 196.82 | 220.36 | 196.82 | 220.36 |
| 10 | Reserves excluding revaluation reserves | 1,223.66 | 1,022.89 | 1,223.66 | 1,022.89 | 1,092.26 |
| 11 | Analytical Ratios | |||||
| (i) Percentage of shares held by Government of India | .. | .. | .. | .. | .. | |
| (ii) Capital Adequacy Ratio | 13.00% | 17.59% | 13.00% | 17.59% | 11.57% | |
| (iii) Earnings per share for the period or year (in ₹) (basic and diluted) | 3 | 1.53 | 5.96 | 3.57 | 8.13 | |
| 12 | Aggregate of Non-Promoter Shareholding | |||||
| No. of shares | 11,89,62,731 | 7,43,13,080 | 11,89,62,731 | 7,43,13,080 | 11,68,16,231 | |
| Percentage of shareholding | 53.99 | 37.76 | 53.99 | 37.76 | 53.01 | |
Note:
1) The results for the current year include the results of erstwhile Bank of Madura on their merger with us effective 10 March 2001. The results are not therefore comparable with earlier periods.
2) Provision for taxes has been arrived at as per Accounting Standard 22
3) Net non-performing assets to net advances (including credit substitutes) is 1.41 % (Year ended 31 March 2001 1.44 % )
4) Bank has raised subordinated debt towards Tier II capital for ₹227 crores in July 2001
Financial results under United States Generally Accepted Accounting Principles (US GAAP) accounting
(Rupees in crores)
Particulars Three months ended (unaudited) Half-year ended (unaudited) Year ended (audited) 31 March 2001 Sept 30, 2001 Sept 30, 2000 Sept 30, 2001 Sept 30, 2000 Mar 31, 2001 Net income under US GAAP 57.26 16.08 113.46 60.68 130.84 Reconciliation between US GAAP and Accounting Standards followed in India Profit under Indian GAAP 66.15 30.06 131.40 70.20 161.10 Deferred taxation 13.56 17.30 9.32 18.40 44.21 Loan impairment (16.60) (2.67) (18.80) (6.63) (39.53) Mark to Market impact on investments (6.78) (32.17) (8.99) (28.28) (40.59) American Depositary Receipt (ADR) Issue expenditure charged to Profit and Loss (P&L) Account (A/c) 3.06 2.93 5.61 5.38 10.47 Others (2.13) 0.63 (5.08) 1.61 (4.82) Profit under US GAAP 57.26 16.08 113.46 60.68 130.84 The above financial results have been taken on record by the Board of Directors of the Bank at its meeting held on 25 October 2001
Place: Mumbai
Date: 25 October 2001H.N.Sinor
Managing Director and
Chief Executive Officer