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REPORT ON FINANCIAL RESULTS
FOR THE QUARTER/ YEAR ENDED 31st MARCH 2005
Rs in lacs
Particulars | Quarter ended | Year ended |
| 31.03.05 Audited | 31.03.04 Audited | 31.03.05 Audited | 31.03.04 Audited |
1 | Interest earned (a+b+c+d) | 42250 | 42309 | 172518 | 173548 |
| (a)Interest / discount on advances / bills | 22507 | 19626 | 85637 | 81714 |
| (b)Income on investment | 19074 | 21588 | 81099 | 86795 |
| (c)Interest on balances with Reserve Bank of India and other Inter Bank funds | -569 | 1085 | 4525 | 4459 |
| (d)Others | 1238 | 10 | 1257 | 580 |
2 | Other income | 7057 | 19592 | 31118 | 61741 |
A | Total income(1+2) | 49307 | 61901 | 203636 | 235289 |
3 | Interest expended | 23404 | 28074 | 103858 | 114321 |
4 | Operating expenses (e+f) | 15612 | 14198 | 55029 | 49909 |
| (e)Payments to and provisions for employees | 9447 | 10017 | 35510 | 33878 |
| (f)Other operating expenses | 6165 | 4181 | 19519 | 16031 |
B | Total expenditure (3+4) (Excluding provisions and contingencies) | 39016 | 42272 | 158887 | 164230 |
C | Operating Profit (A -B) ( Profit before provisions and contingencies) | 10291 | 19629 | 44749 | 71059 |
D | Provisions and contingencies | 21171 | 10745 | 45227 | 35256 |
| -of which provisions for NPAs | 9321 | 10669 | 27557 | 30616 |
E | Provisions for Taxes | -6960 | 3045 | -6578 | 12753 |
F | Net Profit (C -D - E) | -3920 | 5839 | 6100 | 23050 |
5 | Paid up equity share capital | | | 28682 | 20682 |
6 | Reserve excluding Revaluation Reserve (as per Balance Sheet of previous accounting year) | | | 70576 | 72605 |
| (Excluding debit balance in Profit & Loss a/c) | | | 0 | -21729 |
i | Percentage of shares held by Govt. of India | 51.19 | 70.99 | 51.19 | 70.99 |
ii | Capital Adequacy Ratio% | 11.91 | 9.48 | 11.91 | 9.48 |
iii | Earning per share (Basic & diluted) Annualised-Rs. | -6.42 | 11.29 | 2.82 | 11.15 |
iv | (a) Amount of gross Non Performing Assets | 114754 | 148401 | 114754 | 148401 |
| (b) Amount of Net Non Performing Assets | 59100 | 88435 | 59100 | 88435 |
| (c) % of gross NPAs to gross advances | 9.67 | 14.82 | 9.67 | 14.82 |
| (d) % of Net NPAs to Net advances | 5.23 | 9.40 | 5.23 | 9.40 |
v | Return on Assets(Annualised)% | -0.64 | 1.08 | 0.26 | 1.11 |
8. | Aggregate of Non-Permoter Share Holding |
i | Number of shares | 140003200 | 60003200 | 140003200 | 60003200 |
ii | % of shareholding | 48.81 | 29.01 | 48.81 | 29.01 |
SEGMENT WISE RESULTS
(Rs in crores)
Particulars | Quarter ended | Year ended |
31.03.05 Audited | 31.03.04 Audited | 31.03.05 Audited | 31.03.04 Audited |
REVENUE i) Treasury Operations | 105.09 | 174.65 | 456.73 | 647.78 |
ii) Other Banking Operations | 375.78 | 444.54 | 1567.49 | 1699.82 |
Total | 480.87 | 619.19 | 2024.22 | 2347.60 |
RESULT i) Treasury Operations | (42.97) | 85.34 | 65.08 | 263.65 |
ii) Other Banking Operations | (74.40) | 27.63 | -3.03 | 171.28 |
Total | (117.37) | 112.97 | 62.05 | 434.93 |
Unallocated Revenue | 12.22 | (0.17) | 12.14 | 5.29 |
Unallocated Expenses | 3.61 | 20.81 | 78.94 | 82.15 |
Operating Profit (Net Profitbefore Tax) | (108.76) | 91.99 | -4.75 | 358.07 |
Income tax(including DTA) | (69.57) | 33.59 | -65.75 | 127.57 |
NetProfit | (39.19) | 58.40 | 61.00 | 230.50 |
OTHER INFORMATION |
ASSETS i) Treasury Operations | 4535.12 | 4944.41 | 4535.12 | 4944.41 |
ii) Other Banking Operations | 18863.30 | 16272.73 | 18863.30 | 16272.73 |
iii) Unallocated assets | 630.17 | 725.81 | 630.17 | 725.81 |
Total assets | 24028.59 | 21942.95 | 24028.59 | 21942.95 |
LIABILITIES i) Treasury Operations | 0.00 | 0.00 | 0.00 | 0.00 |
ii) Other Banking Operations | 22764.42 | 20704.71 | 22764.42 | 20704.71 |
iii) Unallocated liability | 1264.17 | 1238.24 | 1264.17 | 1238.24 |
Total Liabilities | 24028.59 | 21942.95 | 24028.59 | 21942.95 |
Note :The Bank has only one geographical segment i.e. Domestic.
NOTES :
1. The working results for the quarter / year ended 31.03.2005, have been arrived at after considering provision for (i) NPAs & Standard Assets (ii) Additional provision for NPAs (iii) terminal benefits to employees (iv) diminution in the value of investments (v) amortisation of VRS expenditure (vi) proposed wage revision, income tax, deferred tax and other contingencies etc.
2. Reconciliation of entries outstanding as on 31.03.2005 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.
3. The position of Investors complaints for the quarter ended 31.03.2005 is: Complaints pending at the beginning of quarter-Nil, received & disposed off during the quarter- 299 ,pending at the end of quarter-NIL .
4. The above results have been taken on record by the Board of Directorson 20th May, 2005.
5. Corresponding figures have been regrouped/reclassified, wherever necessary, to make them comparable with current results.
(M.G. Sanghvi) ( M. V. Nair)
General Manager Chairman & Managing Director
(IFM & Accounts) (Additional Charge)
PLACE : MUMBAI
DATE:20thMay, 2005
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