Audited Financial Results for the year ended March 31, 1999
(Rupees in crores)
| Serial (Sr.) No. | Particulars | Fourth Quarter ended | Year ended | ||
|---|---|---|---|---|---|
| March 31, 1999 | March 31, 1998 | March 31, 1999 | March 31, 1998 | ||
| 1 | Interest income | 166.32 | 91.85 | 544.05 | 258.49 |
| 2 | Other income | 22.36 | 16.93 | 89.03 | 85.05 |
| 3 | Total income | 188.68 | 108.78 | 633.08 | 343.54 |
| 4 | Interest expenditure | 128.58 | 69.80 | 425.51 | 185.47 |
| 5 | Other expenditure | 21.84 | 11.75 | 65.44 | 43.14 |
| 6 | Total expenditure | 150.42 | 81.55 | 490.95 | 228.61 |
| 7 | Gross Profit before depreciation, provisions and contingencies | 38.26 | 27.23 | 142.13 | 114.93 |
| 8 | Depreciation on fixed assets | 4.90 | 4.35 | 17.53 | 14.47 |
| 9 | Profit before provisions and contingencies | 33.36 | 22.88 | 124.60 | 100.46 |
| 10 | Provision for taxes | 12.13 | 2.63 | 33.78 | 22.78 |
| 11 | Provision for depreciation on investments | (10.24) | 11.26 | (4.84) | 13.80 |
| 12 | Other provisions and contingencies | 12.21 | 0.87 | 32.30 | 13.66 |
| 13 | Profit after tax [9 – (10+11+12) ] | 19.26 | 8.12 | 63.36 | 50.22 |
| 14 | Paid-up Equity Share Capital | 165.00 | 165.00 | 165.00 | 165.00 |
| 15 | Reserves (excluding Revaluation Reserves) | 143.33 | 101.75 | 143.33 | 101.75 |
| 16 | Total deposits | 6,072.94 | 2,629.02 | 6,072.94 | 2,629.02 |
| 17 | Total advances | 2,110.12 | 1,127.87 | 2,110.12 | 1,127.87 |
| 18 | Credit - like Corporate debt instruments | 1,277.48 | 269.07 | 1,277.48 | 269.07 |
Notes :
- The figures for the previous Year ended 31 March 1998 have been regrouped and reclassified wherever necessary.
- The Board of Directors have recommended a dividend of ₹1.20 per equity share (12 per cent) for the Year ended 31 March 1999.
- The Bank has made a detailed assessment of the risks posed to its operations by the Year 2000 (Y2K) problem and has initiated appropriate risk-mitigation measures, including a Business Continuity Plan, which would ensure that all critical operations are maintained and customer transactions fully protected. The Board of Directors monitors the project every month. The Bank has spent an amount of ₹49.52 lakhs during 1998–99 on the Y2K Project. The expenditure on this project during the year 1999–2000 is estimated to be ₹50 lakhs.
- The above results have been taken on record by the Board of Directors of the Bank at its meeting held on 22 April 1999.