Press Release
October 25, 2001
Audited Financial Results For The Half-year Ended September 30, 2001
(Rupees in crores)
| Sr. No. | Particulars | Three months ended | Half-year ended | Year ended Mar 31, 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/discount on advances/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 | 1155.29 | 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/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 March 10, 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 March 31, 2001 1.44 % )
4) Bank has raised subordinated debt towards Tier II capital for ₹227 crores in July 2001
Financial results under US GAAP accounting
(Rupees in crores)
| Particulars | Three months ended (unaudited) | Half-year ended (unaudited) | Year ended (audited) | ||
|---|---|---|---|---|---|
| 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) |
| ADR Issue expenditure charged to P & L 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 October 25 2001
Place: Mumbai
Date: October 25 2001
H.N.Sinor
Managing Director &
Chief Executive Officer