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UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30th SEPTEMBER
2009

(Rs. in crores)

S.N.PARTICULARSQUARTER ENDEDHALF YEAR ENDEDYEAR ENDED
30.09.200930.09.200830.09.200930.09.200831.03.2009
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited)
1Interest earned (a+b+c+d)1153.221074.132272.092050.834291.56
 a) Interest / discount on advances / bills818.07828.431640.671565.523266.60
 b) Income on Investments316.52244.81598.85480.52989.84
 c) Interest on balances with Reserve Bank of India & other inter bank funds17.520.7530.263.8122.68
 d) Others1.110.142.310.9812.44
2Other Income149.4762.25313.56126.23500.02
3TOTAL INCOME (1+2)1302.691136.382585.652177.064791.58
4Interest Expended877.44741.381736.951422.563035.03
5Operating Expenses (i+ii)254.84208.34497.99436.80963.02
 i) Payments to and provisions for employees161.62127.75316.55257.10579.62
 ii) Other operating expenses93.2280.59181.44179.70383.40
6TOTAL EXPENDITURE (excluding Provisions and Contingencies) (4+5)1132.28949.722234.941859.363998.05
7OPERATING PROFIT before Provisions and Contingencies (3-6)170.41186.66350.71317.70793.53
8Provisions (other than tax) and Contingencies43.1376.2279.42130.91282.47
9Exceptional Items0.000.000.000.000.00
10Profit /(Loss) from Ordinary Activities before tax (7-8-9)127.28110.44271.29186.79511.06
11Tax Expense40.6039.8982.8269.61135.89
12NET PROFIT/ (LOSS) from Ordinary Activities after tax (10-11)86.6870.55188.47117.18375.17
13Extraordinary items ( net of tax expense)0.000.000.000.000.00
14NET PROFIT/ (LOSS) for the period(12-13)86.6870.55188.47117.18375.17
15Paid-up equity share capital (Face Value Rs. 10/- each)430.52430.52430.52430.52430.52
16Reserves excluding revaluation reserves (as per Balance Sheet of previous accounting year)1634.481334.861634.481334.861634.48
17Analytical Ratios
 i) Percentage of shares held by Government of India76.7776.7776.7776.7776.77
 ii) (a) Capital Adequacy Ratio (%) Basel - I11.2510.7811.2510.7810.75
 (b) Capital Adequacy Ratio (%) Basel - II12.62-12.62-12.05
 iii) Earnings per share (in Rupees) – not annualized.
Basic and Diluted EPS before and after
Extraordinary items (net of tax expense)
2.011.644.382.728.71
 iv) NPA Ratios
 a) Gross NPAs1223.36745.201223.36745.20798.41
 b) Net NPAs581.20254.01581.20254.01271.90
 c) % of Gross NPAs to Gross Advances3.342.373.342.372.29
 d) % of Net NPAs to Net Advances1.610.821.610.820.79
 v) Return on Assets (annualized) (%)0.560.560.620.470.72
18Public shareholding
 - No. of shares100000000100000000100000000100000000100000000
 - Percentage of shareholding23.2323.2323.2323.2323.23
19Promoters and Promoter Group Shareholding
 a) Pledged / Encumbered
 - No. of SharesNilNilNilNilNil
 - Percentage of shares (as a percentage of the total shareholding of promoter and promoter group)NilNilNilNilNil
 - Percentage of shares (as a percentage of the total share capital of the company)NilNilNilNilNil
 b) Non-encumbered
 - No. of Shares330520000330520000330520000330520000330520000
 - Percentage of shares (as a percentage of the total
shareholding of promoter and promoter group)
100.00100.00100.00100.00100.00
 - Percentage of shares (as a percentage of the total share capital of the company)76.7776.7776.7776.7776.77
NOTES:
  • The above results have been taken on record by the Board of Directors of the Bank at its meeting held on October 30, 2009. The same has been subjected to limited review by Statutory Central Auditors of the Bank.
  • The financial results have been arrived at after making necessary provisions for liability on account of taxes (including deferred tax), Investments, Standard and Non Performing Advances, Employee Benefits like Gratuity, Pension, Leave Encashment etc. and depreciation on fixed assets.
  • The bank has implemented Agriculture Debt Waiver and Debt Relief Scheme, 2008 framed by Government of India. In terms of the said scheme, the bank has received Rs.107.99 crore upto 30 th September 2009 from Reserve Bank of India ('RBI') against the claim of Rs.218.32 crore as certified by the Statutory Central Auditors of the bank under the Debt Waiver Scheme. During the year ended 31 st March 2009, the bank had opted not to treat the eligible accounts under the Debt Relief scheme as performing assets in terms of Reserve Bank of India Circular No: DBOD.No.BP.BC.26/21.04.048/ 2008-09 dated 30 th July 2008, and, accordingly such advances as on 30.09.2009 amounting to Rs.28.01 crore were subjected to IRAC norms and classified as Non Performing Advances (Provision held Rs.6.15 crore). During the quarter under review, the bank has exercised the option to treat the above accounts with balance of Rs 28.01 crore as performing assets as permitted by RBI. During the 1 st quarter of the current half year, the Bank had exercised the option to treat the accounts with balance outstanding as on 30.09.2009 of Rs. 91.56 crore as performing assets which otherwise would have slipped to NPA, thus treating total amount of Rs 119.57 crore as Standard assets as on 30.09.2009 and holding a provision of Rs. 6.15 crore for loss in Present Value terms as per the RBI circular. Had the above option been not exercised during the period, the net profit (net of taxes) and reserves would have been decreased by Rs.5.85 crore.
  • Steps are in progress for adjustments/reconciliation/elimination of inter-branch transactions, transactions with other banks/institutions, nominal accounts and old entries etc. under other assets and liabilities, the effect of which is not ascertainable and in the opinion of the management consequential impact thereof on revenue is not material.
  • The bank has implemented Basel-II. Based on the extensive exercise undertaken, the bank is of the view that the deficiencies, if any, will not have significant impact on the overall reported capital adequacy. The data compiled on the basis of the guidelines from Reserve Bank of India and estimates made by the management have been relied upon by the auditors.
  • The figures of the earlier periods have been regrouped wherever necessary to confirm to current period classification.
  • Position of investor complaints for the quarter ended 30 th September 2009: Complaints pending at the beginning of the quarter - Nil, received during the quarter - 143, resolved during the quarter - 143; and, pending as on 30 th September 2009 - Nil.
  • The above results have been compiled as per the listing agreement.
 Date: 30.10.2009 Place: PUNEM.G. Sanghvi Executive DirectorAllen C A Pereira Chairman & Managing Director