March 2005

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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