Dec 2004
REVIEW  REPORT  ON   FINANCIAL  RESULTS
FOR  THE QUARTER  ENDED 31st December 2004


Rs  in  lacs
 
 
Quarter ended
9 months  ended
Year  ended
 
 
31.12.04 Reviewed
31.12.03 Reviewed
31.12.04 Reviewed
31.12.03 Reviewed
31.03.04 Audited
1
Interest  earned  (a+b+c+d)
42405
44444
130266
131239
173548
 
(a)  Interest / discount  on  advances / bills
20153
20400
63129
62088
81714
 
(b)  Income  on  investment
20787
22446
62026
65221
86795
 
(c)  Interest  on  balances  with  Reserve Bank        of India  and  other  Inter  Bank  funds
1463
1045
5093
3374
4459
 
(d)  Others 
2
553
18
556
580
2
Other  income
5373
14023
24061
42149
61741
A
Total  income  (1+2)
47778
58467
154327
173388
235289
3
Interest   expended 
25391
27874
80454
86247
114321
4
Operating  expenses  (e+f)
13615
12001
39416
35711
49909
 
(e)  Payments  to  and  provisions  for                     employees 
8885
8009
26063
23861
33878
 
(f)  Other  operating  expenses 
4730
3992
13353
11850
16031
B
Total  expenditure  (3+4)
(Excluding  provisions  and  contingencies)
39006
39875
119870
121958
164230
C
Operating  Profit  (A -  B)
( Profit  before  provisions and  contingencies)
8772
18592
34457
51430
71059
D
Provisions  and  contingencies 
6879
7897
24056
24821
35256
 
-  of which provisions for NPAs
4297
7076
18235
19997
30616
E
Provisions  for  Taxes 
-399
3510
382
9398
12753
F
Net  Profit  (C -  D - E)
2292
7185
10019
17211
23050
5
Paid  up  equity  share  capital 
20682
20682
20682
20682
20682
6
Reserve  excluding  Revaluation Reserve (as per  Balance  Sheet  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   %
10.04
8.64
10.04
8.64
9.48
 iii
Earning  per  share  (Basic  &  diluted)
   Annualised  -  Rs.
4.43
13.90
6.46
11.10
11.14
 iv
(a) Amount of gross Non Performing  Assets 
128141
166242
128141
166242
148401
 
(b)  Amount  of  Net  Non  Performing  Assets
73571
102605
73571
102605
88435
 
(c)  %  of  gross  NPAs  to  gross  advances
11.91
17.65
11.91
17.65
14.82
 
(d)  %  of  Net  NPAs  to  Net  advances
7.21
11.67
7.21
11.67
9.40
 v
Return  on  Assets  (Annualised)  %
0.40
1.36
0.59
1.11
1.11
Aggregate  of  Non-Promoter  Share  holding 
  i
Number  of  shares 
60,003,200
60,003,200
60003200
60003200
60003200
 ii
%  of  share  holding
29.01
29.01
29.01
29.01
29.01

SEGMENT WISE RESULTS

(Rs in crores)
Particulars
Quarter ended
9 months ended
Year ended
 
 
31.12.04
Reviewed
31.12.03 Reviewed
31.12.04 Reviewed
31.12.03 Reviewed
31.03.04 Audited
Segment Revenue
 
i) Treasury Operations
108.36
173.19
351.64
473.13
647.78
ii) Other Banking Operations
369.45
405.94
1191.71
1255.28
1699.82
Total
477.81
579.13
1543.35
1728.41
2347.60
Segment Results
i) Treasury Operations
30.41
91.74
108.05
178.31
263.65
ii) Other Banking Operations
9.44
29.95
71.37
143.65
171.28
Total
39.85
121.69
179.42
321.96
434.93
Unallocated Revenue
-0.03
5.47
-0.08
5.46
5.29
Unallocated Expenses
20.89
20.21
75.33
61.34
82.15
Operating Profit (Net Profit  before Tax)
18.93
106.95
104.01
266.08
358.07
Income tax  (including DTA)
-3.99
35.10
3.82
93.98
127.57
Net  Profit
22.92
71.85
100.19
172.10
230.50
OTHER INFORMATION
Segment Assets
i) Treasury Operations
4476.11
5341.25
4476.11
5341.25
4944.41
ii) Other Banking Operations
17790.26
15428.89
17790.26
15428.89
16272.73
iii) Unallocated  assets
718.89
681.24
718.89
681.24
725.81
Total  assets
22985.26
21451.38
22985.26
21451.38
21942.95
Segment Liabilities
i) Treasury Operations
0.00
42.41
0.00
42.41
0.00
ii) Other Banking Operations
21647.40
20256.48
21647.40
20256.48
20704.71
iii) Unallocated  liability
1337.86
1152.49
1337.86
1152.49
1238.24
Total Liabilities
22985.26
21451.38
22985.26
21451.38
21942.95
 
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 31st March 2004.
2.    The working results for the quarter ended 31.12.2004, 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., on estimated basis.
3.    Reconciliation of entries outstanding as on 31.12.2004 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.
4.     The position of Investors complaints for the quarter ended 31.12.2004 is  :  Complaints pending at the beginning of quarter  -   Nil,  received  & disposed off  during the quarter  - 44 ,  pending at the end of quarter  -   NIL .
5.    The  above results  have been taken on record by the Board  of  Directors  on 31st January,  2005.                               
6.    The above results for the quarter ended December 2004 have been reviewed by the Auditors of the Bank, as per the listing agreement with the stock exchanges.                   
7.    Corresponding  figures have been regrouped/ reclassified, wherever necessary, to make them comparable with current  results.    
                         

PLACE : MUMBAI 
DATE   :   31st January, 2005
( M. V. Nair) 
Executive Director
(Dr. Anil K  Khandelwal)
Chairman & Managing Director