REPORT ON FINANCIAL RESULTS FOR THE QUARTER ENDED 30^th JUNE 2005

		Quarter ended		Year ended
		30.06.05 Provisional	30.06.04 Reviewed	31.03.05 Audited
1	Interest earned (a+b+c+d)	43986	43658	172518
	(a)Interest / discount on advances / bills	23786	21484	85637
	(b)Income on investment	19512	20628	81099
	(c)Interest on balances with Reserve Bank of India and other Inter Bank funds	685	1537	4525
	(d)Others	3	9	1257
2	Other income	7772	9502	31118
A	Total income(1+2)	51758	53160	203636
3	Interest expended	25081	27063	103858
4	Operating expenses (e+f)	14270	14089	61560
	(e) Payments to and provisions for employees	9363	9869	42041
	(f)Other operating expenses	4907	4220	19519
B	Total expenditure(3+4) (Excluding provisions and contingencies)	39351	41152	165418
C	Operating Profit(A -B) ( Profit before provisions and contingencies)	12407	12008	38218
D	Provisions and contingencies	32342	7811	38696
	-of which provisions for NPAs	9494	7441	27557
E	Provisions forTaxes incl. DTA / FBT	(-) 1005	525	-6578
F	Net Profit (C -D - E)	(-)18930	3672	6100
5	Paid up equity share capital	28682	20682	28682
6	Reserve excluding Revaluation Reserve (as per Balance Sheet of previous accounting year)	70576	72605	70576
	(Excluding debit balance in Profit & Loss a/c)	0	-21729	0
Analytical Ratios
i	Percentage of shares held by Govt. of India	51.19	70.99	51.19
ii	Capital Adequacy Ratio%	9.52	9.97	11.91
iii	Earning per share (Basic & diluted) Not Annualised-Rs.	(-)6.60	1.78	2.82
iv	(a) Amount of gross Non Performing Assets	114930	151056	114754
	(b)Amount of Net Non Performing Assets	53115	85389	59100
	(c)%of gross NPAs to gross advances	9.70	14.52	9.67
	(d)%of Net NPAs to Net advances	4.73	8.76	5.23
v	Return on Assets (Annualised)%	-ve	0.65	0.26
Aggregate of non promoter share holding
i	Number of shares	140003200	60003200	140003200
ii	% of shareholding	48.81	29.01	48.81

SEGMENT WISE RESULTS

                                                                                                (Rs in crores)

 

Note :The Bank has only one geographical segment i.e. Domestic.

NOTES :

1.      Financial results have been prepared following generally the same Accounting Policies as those followed in preparation of financial statements for the year ended 31^st March 2005.

2.      The working results for the quarter ended 30.06.2005, have been arrived at after considering provision for NPAs & Standard Assets, terminal benefits to employees, diminution in the value of investments, income tax, deferred tax, fringe benefit tax and other contingencies etc.

3.     During the quarter ended 30^th June 2005, The Bank has shifted part of the 
      securities from Available for Sale Category to Held to Maturity category as per RBI
      guidelines and has also booked depreciation to the tune of Rs. 199.71 crores
      arising out of shifting of securities.

4.      Reconciliation of entries outstanding as on 30.06.2005 in Inter Bank/ Inter Branch and other accounts are in progress and in the opinion of the management, consequential impact thereof on revenue/assets/liabilities is not material.

5.      The position of Investors complaints for the quarter ended 30.06.2005 is :
Complaints pending at the beginning of quarter-NIL,
Received & disposed off during the quarter- 162,
Pending at the end of quarter-NIL .

6.      Theabove results have been taken on record by the Board of Directorson 30^th July, 2005.

7.      Corresponding figures have been regrouped/ reclassified, wherever necessary, to make them comparable with currentresults.

 

 

 

 

( M. V. Nair)

              Chairman & Managing Director

 

PLACE : MUMBAI

DATE:30^th July, 2005