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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 Rs.) (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 Rs. 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 2001

     

    H.N.Sinor



    Managing Director and


    Chief Executive Officer

     

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