Sept 2004

UNAUDITED (REVIEWED) REPORT ON FINANCIALRESULTS
FOR THE QUARTER / HALF YEAR ENDED 30th SEPTEMBER 2004

Rs in lacs
 
 
Quarter endedHalf year ended
Year ended
  30.09.04 Reviewed
30.09.03 Reviewed
30.09.04 Reviewed
30.09.03 Reviewed
31.03.04 Audited
1
Interest earned(a+b+c+d)
44203
44032
87861
86795
173548
 
(a)Interest / discounton advances / bills
21492
20858
42976
41688
81714
 
(b)Income on investment
20611
22000
41239
42775
86795
 
(c)Interest on balances with Reserve Bank of India and other Inter Bank funds
2093
1172
3630
2329
4459
 
(d)Others
7
2
16
3
580
2
Other income
9186
17033
18688
28126
61741
A
Total income(1+2)
53389
61065
106549
114921
235289
3
Interest expended
28000
29254
55063
58373
114321
4
Operating expenses(e+f)
12963
12212
25802
23710
49909
 
(e) Payments to and provisions for employees
8559
8030
17178
15852
33878
 
(f)Other operating expenses
4404
4182
8624
7858
16031
B
Total expenditure(3+4)
(Excluding provisions and contingencies)
40963
41466
80865
82083
164230
C
Operating Profit(A -B)
( Profit before provisions and contingencies)
12426
19599
25684
32838
71059
D

Provisions and contingencies
8115
8213
17176
16924
35256
 
-of which provisions for NPAs
6497
6405
13938
12871
30616
E
Provisions for Taxes
256
4280
781
5888
12753
F
Net Profit (C -D - E)
4055
7106
7727
10026
23050
5
Paid up equity share capital
20682
20682
20682
20682
20682
6

Reserve excluding Revaluation Reserve (as per BalanceSheet of previous accounting year)
72605
65690
72605
65690
72605
 
(Excluding debit balance in Profit & Loss a/c)
-21729
-35234
-21729
-35234
-21729
7. Analytical Ratios
i
Percentage of shares held by Govt. of India
70.99
70.99
70.99
70.99
70.99
ii
Capital Adequacy Ratio%
10.28
8.09
10.28
8.09
9.48
iii
Earning per share (Basic&diluted)
Annualised-Rs.
7.84
13.74
7.47
9.70
11.14
iv
(a) Amount of gross Non Performing Assets
137943
162716
137943
162716
148401
 
(b)Amount of Net Non Performing Assets
76364
99063
76364
99063
88435
 
(c)%of gross NPAs to gross advances
13.35
17.99
13.35
17.99
14.82
 
(d)%of Net NPAs toNet advances
7.85
11.76
7.85
11.76
9.40
V
Return on Assets(Annualised)%
0.70
1.38
0.68
0.99
1.11
Aggregate of Non-Promoter Shareholding
I
Numberofshares
60,003,200
60,003,200
60003200
60003200
60003200
Ii
%ofshareholding
29.01
29.01
29.01
29.01
29.01



SEGMENT WISE RESULTS

(Rs in crores)
Particulars
Quarter ended
Half year ended
Year ended
31.03.04 Audited
 
30.09.04
Reviewed
30.09.03 Reviewed
30.9.04 Reviewed
30.09.03 Reviewed
 
Segment Revenue
i) Treasury Operations
120.53
172.75
243.28
299.94
647.78
ii) Other Banking Operations
413.40
437.97
822.26
849.34
1699.82
Total
533.93
610.72
1065.54
1149.28
2347.60
Segment Results
i) Treasury Operations
40.74
44.79
77.64
86.57
263.65
ii) Other Banking Operations
23.09
90.34
61.93
113.70
171.28
Total
63.83
135.13
139.57
200.27
434.93
Unallocated Revenue
-0.04
0.00
-0.05
0.00
5.29
Unallocated Expenses
20.68
  21.27
54.44
41.13
82.15
Operating Profit(Net Profitbefore Tax )
43.11
113.86
85.08
159.14
358.07
Income tax(including DTA)
  2.56
  42.80
  7.81
  58.88
127.57
NetProfit
40.55
  71.06
77.27
100.26
230.50
OTHER INFORMATION
Segment Assets
i) Treasury Operations
4595.26
5327.29
4595.26
5327.29
4944.41
ii) Other Banking Operations
17851.37
14904.87
17851.37
14904.87
16272.73
iii) Unallocatedassets
727.76
706.35
727.76
706.35
725.81
Totalassets
23174.39
20938.51
23174.39
20938.51
21942.95
Segment Liabilities
i) Treasury Operations
0.00
27.99
0.00
27.99
0.00
ii) Other Banking Operations
21850.18
19860.75
21850.18
19860.75
20704.71
iii) Unallocatedliability
1324.21
1049.77
1324.21
1049.77
1238.24
Total Liabilities
23174.39
20938.51
23174.39
20938.51
21942.95
 
Note :The Bank has only one geographical segment i.e. Domestic.

NOTES :

1.The working results for the quarter ended 30.09.2004, have been arrived at after considering provision for (i)NPAs& StandardAssets(ii)Floatingprovision for NPAs (iii)terminal benefitstoemployees(iv) diminution in the value of investments (v) amortisationof VRS expenditure (vi) proposed wage revision, income tax, deferred tax and other contingencies etc., on estimated basis.

2.Reconciliation of entries outstanding as on 30.09.2004 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 30.09.2004 is:Complaints pending at the beginning of quarter-Nil,received& disposed offduring the quarter- 32,pending at the end of quarter-NIL .
4.Theabove resultshave been taken on record by the BoardofDirectorson 30th October 2004.
5.The above results for the quarter ended September 2004 have been reviewed by the Auditors of the Bank, as per the listing agreement with the stock exchanges.

6.Correspondingfigures have been regrouped/ reclassified, wherever necessary, to make them comparable with currentresults.

 
( M. V. Nair)(Dr. Anil KKhandelwal)
Executive DirectorChairman & Managing Director
PLACE : MUMBAI
DATE:30th October, 2004