Notes forming part of the financial results for the Quarter /Full Year Ended 31.03.2010
1 The above financial results have been approved by the Board at its meeting held on 28.04.2010. The same has been subjected to Audit by the Statutory Central Auditors.
2 There has been no change in the Accounting Policies adopted during the quarter/ Full Year ended 31.03.2010 as compared to those followed in the preceeding financial year 2008-09.
3 Reconciliation / balancing of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs payable, Clearing Adjustments, Dividend/ Interest/ Refund Orders Paid / Payable, other liabilities on account of foreign currency translation etc is in progress. The impact, if any, on the financial results though not quantified, in the opinion of the management will not be material.
4 The Authorised capital of the bank stands increased from Rs.1500 crs. to Rs.3000 crs. as per notification No.S.O.3123 published in the Official Gazette dated 21.11.2009.
5 The financial results for the quarter ended 31.03.2010 have been arrived at after considering provision for NPAs, Standard Assets and depreciation/provision for Investments on the basis of prudential norms isued by RBI, provision for taxes and other necessary provisions.
6 A sum of Rs.45.05 crores has been charged to Profit and Loss A/c during the quarter, on proportionate basis of the Transitional liability of Rs.901crores upto 31.03.2007, at the time of first adoption of Revised Accounting Standard (AS) 15 on Employee Benefits. The balance amount of Rs.360.40 crores is to be charged proportionately by the end of March 2012.
7 The eighth Bipartite settlement entered into by IBA on behalf of the member banks with All India Unions of workmen / officers expired on 31st October 2007. Pending execution of new agreement, a provision of Rs. 725 crores has been made on estimated basis upto Mar-10, of which Rs.75 crores is made during the quarter ended Mar-10 and Rs.300 crs. during the Year ended March 2010
8 As per the RBI circular DBOD.No.BP.BC.82/21.04.048/2009-10 dated 30-03-2010, the last date for payment of 75% of the overdue portion of the other farmers under Agriculture debt waiver and Debt relief scheme 2008 has been extended from 31-12-2009 to 30-06-2010 and the banks are allowed to treat such accounts as standard assets. However, as a prudent measure, bank has continued to classify such accounts amounting to Rs.205.39 crs as NPA.
9 Exceptional items Rs. 81.45 crs represents profit on sale of 6.5% holding in UTI AMC Co. Ltd & UTI Trustee Co. Pvt Ltd during the year.
10 During the year the bank has raised capital of Rs.900 crores by way Innovative Perpetual Debt Instruments and Rs.1000 crores by way of Upper Tier II Bonds. The bank has also redeemed Tier II bonds of Rs.320 crores during the year.
11 The Board has recommended a dividend of Rs.15/- per share (on facevalue of Rs.10/- per share) for the year 2009-10, subject to approval by members.
12 Auditors qualifications for the year ended 31st March 2009 have been dealt with as per Note no.3 above.
13. Status of Investor's complaints :
- Pending at the beginning of the quarter NIL
- Received during the quarter 61
- Disposed off during the quarter 61
- Pending at the close of the quarter NIL
14 The figures of previous period have been regrouped / rearranged wherever necessary to correspond to current period classification.
