2010-11 वित्‍तीय रिपोर्ट

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Unaudited Financial Results for the Quarter/ Half year ended 30th September, 2011

Sr. No. Particulars Quarter Ended 31.12.2011 Reviewed Quarter Ended 30.09.2011 Reviewed Quarter Ended 31.12.2010 Reviewed Nine Months Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2010 Reviewed Year Ended 31.03.2011 Audited
1 Interest earned (a)+(b)+(c)+(d) 76,71,99 72,51,44 56,66,15 215,55,20 155,51,77 218,85,92
(a) Interest /discount on advances/bills 57,35,95 54,82,35 42,12,20 162,95,53 116,16,24 162,03,47
(b) Income on investments 16,46,16 15,46,14 12,77,40 45,44,75 34,56,38 47,74,78
(c) Interest on balances with Reserve Bank of India and other inter bank funds 2,33,82 2,07,92 1,14,63 6,04,50 3,41,19 4,74,79
(d) Others 56,06 15,03 61,92 1,10,42 1,37,96 4,32,88
2 Other Income 11,49,33 7,34,34 6,76,15 25,24,54 19,74,69 28,09,18
3 Total Income (1 + 2) 88,21,32 79,85,78 63,42,30 240,79,74 175,26,46 246,95,10
4 Interest Expended 50,16,48 46,84,53 33,73,89 140,35,59 93,63,38 130,83,66
5 Operating Expenses (a) + (b) 11,96,65 11,61,28 11,17,21 34,64,71 31,27,27 46,29,83
(a) Employees cost 6,74,03 6,46,61 6,94,18 19,66,02 19,27,07 29,16,78
(b) Other operating expenses 5,22,62 5,14,67 4,23,03 14,98,69 12,00,20 17,13,05
6 Total Expenditure (4+5) excluding provisions and contingencies 62,13,13 58,45,81 44,91,10 175,00,30 124,90,65 177,13,49
7 Operating Profit before Provisions and Contigencies (3-6) 26,08,19 21,39,97 18,51,20 65,79,44 50,35,81 69,81,61
8 Provisions (other than tax) and Contingencies 8,36,74 4,83,35 3,04,06 17,11,14 7,40,88 13,31,29
9 Exceptional Items (Refer Note no. 7) 13,00 13,00 - 39,01 - -
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 17,58,45 16,43,62 15,47,14 48,29,29 42,94,93 56,50,32
11 Tax expenses 4,68,60 4,77,54 4,78,26 13,40,51 13,47,59 14,08,64
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 12,89,85 11,66,08 10,68,88 34,88,78 29,47,34 42,41,68
13 Extraordinary items (net of tax expenses) - - - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 12,89,85 11,66,08 10,68,88 34,88,78 29,47,34 42,41,68
15 Paid-up equity share capital (Face Value of Rs.10 each) 3,92,81 3,92,81 3,65,53 3,92,81 3,65,53 3,92,81
16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 193,57,82 193,57,82 134,19,61 193,57,82 134,19,61 193,57,82
17 Analytical Ratios
i) Percentage of shares held by Government of India 57.03 57.03 53.81 57.03 53.81 57.03
ii) Capital Adequacy Ratio (%) 13.45 12.73 12.45 13.45 12.45 14.52
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 32.94 29.78 29.34 89.10 80.91 116.37
iv) NPA Ratios
(a) Gross NPA 38,95,08 34,02,10 27,70,25 38,95,08 27,70,25 31,52,50
Net NPA 13,25,27 11,18,58 7,44,24 13,25,27 7,44,24 7,90,88
(b) % of Gross NPA 1.48 1.41 1.32 1.48 1.32 1.36
% of Net NPA 0.51 0.47 0.36 0.51 0.36 0.35
v) Return on Assets (annualized) % 1.29 1.23 1.34 1.21 1.30 1.33
18 Public Shareholding
- No. of shares 16826,65,00 16826,65,00 16826,65,00 16826,65,00 16826,65,00 16826,65,00
- Percentage of shareholding 42.97 42.97 46.19 42.97 46.19 42.97
19 Promoters and promoter group Shareholding 22327,95,79 22327,95,79 19600,00,00 22327,95,79 19600,00,00 22327,95,79
(a) Pledged/Encumbered
- Number of shares -- -- -- -- -- --
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) -- -- -- -- -- --
- Percentage of share (as a % of the total share capital of the company) -- -- -- -- -- --
(b) Non-encumbered
- Number of shares 22327,95,79 22327,95,79 19600,00,00 22327,95,79 19600,00,00 22327,95,79
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00 100.00
- Percentage of share (as a % of the total share capital of the company) 57.03 57.03 53.81 57.03 53.81 57.03

Notes forming part of the Unaudited financial results for the quarter/ nine months ended 31st December,2011

  • The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 25th January, 2012. The same have been subjected to limited review by the Statutory Central Auditors of the Bank, in line with the guidelines issued by the Reserve Bank of India (RBI) and as per the requirements of the Listing Agreements with the Stock Exchanges.
  • There has been no change in the Accounting Policies adopted during the quarter/ nine months ended 31st December, 2011 as compared to those followed in the preceding financial year 2010-11.
  • In accordance with the Accounting Standard (AS) 15 (Revised) "Employee Benefits" issued by the Institute of Chartered Accountants of India and based on actuarial valuation, out of transitional liability as at 31st March, 2007 aggregating to Rs. 901.00 crores a proportionate sum of Rs. 45.05 crores has been charged to the Profit and Loss Account during the quarter (Rs. 135.15 crores for the nine months). The unrecognized amount of Rs. 45.05 crores will be charged by the end of 31st March, 2012.
  • Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimated basis.
  • In accordance with RBI circular no. DBOD.BP.BC.80/21.04.018/2010-11 dated 9th February, 2011, out of the additional pension fund liability as on 31st March, 2011 of Rs. 1829.90 crores towards serving employees who exercised option for pension, a proportionate sum of Rs. 91.50 crores has been charged to the Profit and Loss Account during the quarter(Rs. 274.50 crores for Nine months). The unamortized pension fund liability of Rs. 1189.43 crores will be charged proportionately in accordance with the directions contained in the said circular.
  • The financial results for the quarter/ nine months ended 31st December, 2011 have been arrived at after considering provision for Non Performing Assets, Standard Assets and depreciation/provision for Investments on the basis of prudential norms issued by RBI. The Bank has made provision @ 20% on the Secured Sub-standard Advance as against the Regulatory requirement of 15% resulting in additional provision of Rs. 78.26 crores.
  • The Bank has taken over specified Assets & Liabilities of The Memon Co-operative Bank Ltd on 18th April, 2011 as per approval granted by RBI vide letter no. UBD.CO.MEROER No. 7814/09.16.901/2010.11 dated 04th March, 2011. Out of the deficit of Rs. 156.06 crores on account of the said take over, the Bank has proportionately charged a sum of Rs. 13.00 crores being 1/12th of the said deficit to the Profit and Loss Account during the quarter (Rs. 39.01 crores for nine months). The balance amount of Rs. 117.05 crores will be charged proportionately during the remaining period till Financial Year 2013-14, as approved by RBI vide letter no. DBOD.No.BP.1311/21.04.048/2010-11 dated 25th July, 2011.
  • Non Performing Loan Provisioning Coverage Ratio(including technical write off) is 80.51 % as on 31st December, 2011.
  • Details of Investor's complaints for the quarter ended 31st December, 2011: Pending at Beginning - Nil; Received - 101; Disposed off - 101; Closing - Nil
  • Statements of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 31.12.2011 Reviewed As on 31.12.2010 Reviewed
Capital 3,92,81 3,65,53
Reserves and Surplus 249,63,46 176,35,87
Deposits 3492,05,91 2815,11,91
Borrowings 246,36,59 188,15,74
Other Liabilities and Provisions 121,90,58 90,92,73
Total 4113,89,35 3274,21,78

Assets

Title As on 31.12.2011 Reviewed As on 31.12.2010 Reviewed
Cash and Balances with Reserve Bank of India 177,93,28 154,23,79
Balances with Banks and Money at Call and Short Notice 390,93,28 255,23,19
Investments 838,05,45 719,70,43
Advances 2606,60,61 2072,08,77
Fixed Assets 23,04,17 22,68,85
Other Assets 77,32,56 50,26,75
Total 4113,89,35 3274,21,78

The figures of previous period/year have been regrouped / rearranged wherever necessary so as to make them comparable with those of the current period.

Segment Reporting For The Quarter /full Year Ended 30st December, 2011

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 31.12.2011 Reviewed Quarter Ended 30.09.2011 Reviewed Quarter Ended 31.12.2010 Reviewed Nine Months Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2010 Reviewed Year Ended Ended 31.03.2011 Audited
Treasury Operations 22,06,90 16,77,71 14,77,40 54,05,03 40,73,84 55,97,84
Wholesale Banking 33,98,66 32,45,51 26,05,32 96,63,64 69,71,68 98,40,82
Retail Banking 21,23,34 21,20,12 15,03,06 61,07,41 43,02,13 59,83,40
Other Banking Operations 10,92,42 9,42,44 7,56,52 29,03,66 21,78,81 32,73,04
Total Revenue 88,21,32 79,85,78 63,42,30 240,79,74 175,26,46 246,95,10

Segment Results

Particulars Quarter Ended 31.12.2011 Reviewed Quarter Ended 30.09.2011 Reviewed Quarter Ended 31.12.2010 Reviewed Nine Months Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2010 Reviewed Year Ended Ended 31.03.2011 Audited
Treasury Operations 3,73,13 (44,06) 2,27,96 3,39,25 7,18,98 8,82,51
Wholesale Banking 4,58,98 5,57,37 5,66,61 17,40,68 13,27,73 15,25,49
Retail Banking 5,20,94 6,23,22 4,87,92 18,47,85 13,16,05 15,17,89
Other Banking Operations 8,24,55 8,80,89 9,06,69 20,38,98 18,43,03 27,50,61
Total 21,77,60 20,17,42 21,89,18 59,66,76 52,05,79 66,76,50
Unallocated expenditure 4,19,15 3,73,80 6,42,04 11,37,47 9,10,86 10,26,18
Profit before Tax 17,58,45 16,43,62 15,47,14 48,29,29 42,94,93 56,50,32
Provision for Tax 4,68,60 4,77,54 4,78,26 13,40,51 13,47,59 14,08,64
Net Profit 12,89,85 11,66,08 10,68,88 34,88,78 29,47,34 42,41,68

Capital Employed

Particulars Quarter Ended 31.12.2011 Reviewed Quarter Ended 30.09.2011 Reviewed Quarter Ended 31.12.2010 Reviewed Nine Months Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2010 Reviewed Year Ended Ended 31.03.2011 Audited
Treasury Operations 62,87,37 64,12,06 46,06,16 62,87,37 46,06,16 50,34,42
Wholesale Banking 74,94,35 68,71,96 55,74,30 74,94,35 55,74,30 68,16,69
Retail Banking 36,99,49 35,19,37 28,32,39 36,99,49 28,32,39 31,60,36
Other Banking Operations 76,22,91 65,77,81 48,02,17 76,22,91 48,02,17 58,11,74
Unallocated 2,52,15 2,66,18 1,86,38 2,52,15 1,86,38 1,69,90
Total Capital Employed 253,56,27 236,47,38 180,01,40 253,56,27 180,01,40 209,93,11

Part B - Geographic Segments

Particulars Quarter Ended 31.12.2011 Reviewed Quarter Ended 30.09.2011 Reviewed Quarter Ended 31.12.2010 Reviewed Months Ended 31.12.2011 Reviewed Months Ended 31.12.2010 Reviewed Year Ended 31.03.2011 Audited
Revenue
Domestic 77,15,12 70,37,04 56,00,27 211,82,57 153,98,55 217,43,87
International 11,06,20 9,48,74 7,42,03 28,97,17 21,27,91 29,51,23
Total 88,21,32 79,85,78 63,42,30 240,79,74 175,26,46 246,95,10
Assets
Domestic 2916,59,44 2822,56,18 2447,10,17 2916,59,44 2447,10,17 2676,29,47
International 1197,29,91 1050,31,10 827,11,61 1197,29,91 827,11,61 907,67,70
Total 4113,89,35 3872,87,28 3274,21,78 4113,89,35 3274,21,78 3583,97,17

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted "Treasury Operations", Wholesale, Retail and "Other Banking Operations" as Primary business segments and "Domestic" and "International" as secondary / geographic segments for the purpose of compliance with AS-17 on Segment Reporting issued by ICAI.
  • Segment revenue represents revenue from external customers.
  • In determining the segment results, the funds transfer price mechanism followed by the bank has been used.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • Results, Revenue and Capital Employeed of other banking operations includes figures relating to International operations
N. S. Srinath
Executive Director
R. K. Bakshi
Executive Director
M. D. Mallya
Chairman & Managing Director

Place : Mumbai
Date : 25.01.2012

Unaudited Financial Results for the Quarter/ Half year ended 30th September, 2011

Sr. No. Particulars Quarter Ended 30.09.2011 - Reviewed Quarter Ended 30.09.2010 - Reviewed Half Year Ended 30.09.2011 - Reviewed Half Year Ended 30.09.2010 - Reviewed Year Ended 31.03.2011 - Audited
1 Interest earned (a)+(b)+(c)+(d) 725144 515866 1388321 988562 2188592
(a) Interest /discount on advances/bills 548235 383828 1055958 740404 1620347
(b) Income on investments 154614 115654 289859 217898 477478
(c) Interest on balances with Reserve Bank of India and other inter bank funds 20792 12346 37068 22656 47479
(d) Others 1503 4038 5436 7604 43288
2 Other Income 73434 68130 137521 129854 280918
3 Total Income (1 + 2) 798578 583996 1525842 1118416 2469510
4 Interest Expended 468453 312052 901911 598949 1308366
5 Operating Expenses (a) + (b) 116128 106270 226806 201006 462983
(a) Employees cost 64661 65616 129199 123289 291678
(b) Other operating expenses 51467 40654 97607 77717 171305
6 Total Expenditure (4+5) excluding provisions and contingencies 584581 418322 1128717 799955 1771349
7 Operating Profit before Provisions and Contigencies (3-6) 213997 165674 397125 318461 698161
8 Provisions (other than tax) and Contingencies 48335 18549 87440 43682 133129
9 Exceptional Items 1300 - 2601 - -
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 164362 147125 307084 274779 565032
11 Tax expenses 47754 45195 87191 86933 140864
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 116608 101930 219893 187846 424168
13 Extraordinary items (net of tax expenses) - - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 116608 101930 219893 187846 424168
15 Paid-up equity share capital (Face Value of Rs.10 each) 39281 36553 39281 36553 39281
16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 1935782 1341961 1935782 1341961 1935782
17 Analytical Ratios
i) Percentage of shares held by Government of India 57.03 53.81 57.03 53.81 57.03
ii) Capital Adequacy Ratio (%) 12.73 13.22 12.73 13.22 14.52
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 29.78 27.98 56.16 51.57 116.37
iv) NPA Ratios
(a) Gross NPA 340210 271985 340210 271985 315250
Net NPA 111858 73129 111858 73129 79088
(b) % of Gross NPA 1.41 1.39 1.41 1.39 1.36
% of Net NPA 0.47 0.38 0.47 0.38 0.35
v) Return on Assets (annualized) % 1.23 1.34 1.18 1.27 1.33
18 Public Shareholding
- No. of shares 168266500 168266500 168266500 168266500 168266500
- Percentage of shareholding 42.97 46.19 42.97 46.19 42.97
19 Promoters and promoter group Shareholding 223279579 196000000 223279579 196000000 223279579
(a) Pledged/Encumbered
- Number of shares -- -- -- -- --
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) -- -- -- -- --
- Percentage of share (as a % of the total share capital of the company) -- -- -- -- --
(b) Non-encumbered
- Number of shares 223279579 196000000 223279579 196000000 223279579
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00
- Percentage of share (as a % of the total share capital of the company) 57.03 53.81 57.03 53.81 57.03

Notes forming part of the Unaudited financial results for the Quarter/ Half year ended 30th September, 2011

  • The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on 31st October, 2011. The same have been subjected to a limited review by the Statutory Central Auditors of the Bank, in line with the guidelines issued by the Reserve Bank of India (RBI) and as per the requirements of the Listing Agreements with the Stock Exchanges.
  • There has been no change in the Accounting Policies adopted during the quarter/ half year ended 30th September, 2011 as compared to those followed in the preceding financial year 2010-11.
  • In accordance with the Accounting Standard (AS) 15 (Revised) "Employee Benefits" issued by the Institute of Chartered Accountants of India and based on actuarial valuation, out of transitional liability as at 31st March 2007 aggregating to Rs. 901 crores a proportionate sum of Rs. 45.05 crores has been charged to the Profit and Loss Account during the quarter (Rs. 90.10 crores for the half year). The unrecognized amount of Rs. 90.10 crores will be charged proportionately by the end of 31st March 2012.
  • Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimate basis.
  • In accordance with RBI circular no. DBOD.BP.BC.80/21.04.018/2010-11 dated 9th February 2011, out of the additional pension fund liability as on 31st March 2011 of Rs. 1829.90 crores towards serving employees who exercised option for pension, a proportionate sum of Rs.91.50 crores has been charged to the Profit and Loss Account during the quarter(Rs. 183 crores for the Half year). The unamortized pension fund liability of Rs. 1280.93 crores will be charged proportionately in accordance with the directions contained in the said circular.
  • The financial results for the quarter/ half year ended 30th September, 2011 have been arrived at after considering provision for Non Performing Assets, Standard Assets and depreciation/provision for Investments on the basis of prudential norms issued by RBI.
  • Bank has taken over specified Assets & Liabilities of The Memon Co-operative Bank Ltd on 18.04.2011 as per approval granted by RBI vide letter no. UBD.CO.MEROER No. 7814/09.16.901/2010.11 dated 04th March 2011. Out of the deficit of Rs.156.06 crores on account of the said take over, the bank has proportionately charged a sum of Rs.13 crores being 1/12th of the said deficit to the Profit & Loss Account during the quarter (Rs. 26 crores for the half year). The balance amount of Rs.130.06 crores will be charged proportionately during the remaining period till Financial Year 2013-14, as approved by RBI vide letter no. DBOD.No.BP.1311/21.04.048/2010-11 dated 25th July 2011.
  • Non Performing Loan Provisioning Coverage Ratio(including technical write off) is 81.97% as on 30th September 2011.
  • Details of Investor's complaints for the quarter ended 30th September, 2011: Pending at Beginning - Nil; Received - 135; Disposed off - 135; Closing - Nil
  • Statements of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 30th September 2011 - Reviewed As on 30th September 2010 - Reviewed
Capital 3,92,81 3,65,53
Reserves and Surplus 232,54,57 165,86,22
Deposits 3291,85,35 2696,60,16
Borrowings 236,90,65 182,57,24
Other Liabilities and Provisions 107,63,90 80,12,94
Total 3872,87,28 3128,82,09

Assets

Title As on 30th September 2011 - Reviewed As on 30th September 2010 - Reviewed
Cash and Balances with Reserve Bank of India 180,10,97 179,82,00
Balances with Banks and Money at Call and Short Notice 327,61,31 277,71,81
Investments 883,40,32 661,94,26
Advances 2391,20,31 1929,58,56
Fixed Assets 23,09,81 22,93,39
Other Assets 67,44,56 56,82,07
Total 3872,87,28 3128,82,09

The figures of previous period/year have been regrouped / rearranged wherever necessary so as to make them comparable with those of the current period.

Segment Reporting For The Quarter /full Year Ended 30st September, 2011

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 30.09.2011 Reviewed Quarter Ended 30.09.2010 Reviewed Half Year Ended 30.09.2011 Reviewed Half Year Ended 30.09.2010 Reviewed Year Ended 31.03.2011 Audited
Treasury Operations 167771 136611 319813 259644 559784
Wholesale Banking 324551 231266 626498 436636 984082
Retail Banking 212012 140993 398407 279907 598340
Other Banking Operations 94244 75126 181124 142229 327304
Total Revenue 798578 583996 1525842 1118416 2469510

Segment Results

Particulars Quarter Ended 30.09.2011 Reviewed Quarter Ended 30.09.2010 Reviewed Half Year Ended 30.09.2011 Reviewed Half Year Ended 30.09.2010 Reviewed Year Ended 31.03.2011 Audited
Treasury Operations (4406) 25356 (3388) 49102 88251
Wholesale Banking 55737 48795 128170 76112 152549
Retail Banking 62322 42092 132691 82812 151789
Other Banking Operations 88089 62698 121443 125012 275061
Total 201742 178941 378916 333038 667650
Unallocated expenditure 37380 31816 71832 58259 102618
Profit before Tax 164362 147125 307084 274779 565032
Provision for Tax 47754 45195 87191 86933 140864
Net Profit 116608 101930 219893 187846 424168

Capital Employed

Particulars Quarter Ended 30.09.2011 Reviewed Quarter Ended 30.09.2010 Reviewed Half Year Ended 30.09.2011 Reviewed Half Year Ended 30.09.2010 Reviewed Year Ended 31.03.2011 Audited
Treasury Operations 641206 453232 641206 453232 503442
Wholesale Banking 687196 507147 687196 507147 681669
Retail Banking 351937 265267 351937 265267 316036
Other Banking Operations 660869 453726 660869 453726 583874
Unallocated 23530 15804 23530 15804 14290
Total Capital Employed 2364738 1695176 2364738 1695176 2099311

Part B - Geographic Segments

Particulars Quarter Ended 30.09.2011 Reviewed Quarter Ended 30.09.2010 Reviewed Half Year Ended 30.09.2011 Reviewed Half Year Ended 30.09.2010 Reviewed Year Ended 31.03.2011 Audited
Revenue
Domestic 703704 509840 1346745 979828 2174387
International 94874 74156 179097 138588 295123
Total 798578 583996 1525842 1118416 2469510
Assets
Domestic 28225618 23321248 28225618 23321248 26762947
International 10503110 7966961 10503110 7966961 9076770
Total 38728728 31288209 38728728 31288209 35839717

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted "Treasury Operations", Wholesale, Retail and "Other Banking Operations" as Primary business segments and "Domestic" and "International" as secondary / geographic segments for the purpose of compliance with AS-17 on Segment Reporting issued by ICAI.
  • Segment revenue represents revenue from external customers.
  • In determining the segment results, the funds transfer price mechanism followed by the bank has been used.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • Results, Revenue and Capital Employeed of other banking operations includes figures relating to International operations
N. S. Srinath
Executive Director
R. K. Bakshi
Executive Director
M. D. Mallya
Chairman & Managing Director

Place : Mumbai
Date : 31.10.2011

Unaudited Financial Results for the Quarter ended 30 th June 2011

Sr. No. Particulars Quarter Ended 30.06.2011 Reviewed Quarter Ended 30.06.2010 Reviewed Year Ended 31.03.2011 Audited
1 Interest earned (a)+(b)+(c)+(d) 663177 472696 2188592
(a) Interest /disc.on advances/bills 507723 356576 1620347
(b) Income on investments 135245 102244 477478
(c) Interest on balances with Reserve Bank of India and other inter bank funds 16276 10311 47479
(d) Others 3933 3565 43288
2 Other Income 64087 61724 280918
3 Total Income (1 + 2) 727264 534420 2469510
4 Interest Expended 433458 286897 1308366
5 Operating Expenses (a) + (b) 110678 94736 462983
(a) Employees cost 64538 57673 291678
(b) Other operating expenses 46140 37063 171305
6 Total Expenditure (4+5) excluding provisions and contingencies 544136 381633 1771349
7 Operating Profit before Provisions and Contingencies (3-6) 183128 152787 698161
8 Provisions (other than tax) and Contingencies 39105 25133 133129
9 Exceptional Items (Refe Note No.7) 1301 - -
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 142722 127654 565032
11 Tax expenses 39437 41738 140864
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 103285 85916 424168
13 Extraordinary items (net of tax expenses) - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 103285 85916 424168
15 Paid-up equity share capital (Face Value of Rs.10 each) 39281 36553 39281
16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 1935782 1341961 1935782
17 Analytical Ratios
i) Percentage of shares held by Government of India 57.03 53.81 57.03
ii) Capital Adequacy Ratio (%)
As per Basel-I 12.04 12.35 13.02
As per Basel-II 13.10 13.25 14.52
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 26.38 23.59 116.37
iv) NPA Ratios
a) Gross NPA 342546 265742 315250
Net NPA 102442 71733 79088
b) % of Gross NPA 1.46 1.41 1.36
% of Net NPA 0.44 0.39 0.35
v) Return on Assets (annualized) % 1.13 1.19 1.33
18 Public Shareholding
- No. of shares 168266500 168266500 168266500
- Percentage of shareholding 42.97 46.19 42.97
19 Promoters and promoter group Shareholding 223279579 196000000 223279579
(a) Pledged/Encumbered
- Number of shares -- -- --
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) -- -- --
- Percentage of share (as a % of the total share capital of the company) -- -- --
b) Non-encumbered
- Number of shares 223279579 196000000 223279579
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00
- Percentage of share (as a % of the total share capital of the company) 57.03 53.81 57.03

Notes forming part of the Unaudited financial results for the Quarter ended 30th June, 2011

  • The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on 27th July 2011. The same have been subjected to a limited review by the Statutory Central Auditors of the Bank, in line with the guidelines issued by the Reserve Bank of India (RBI) and as per the requirements of the Listing Agreements with the Stock Exchanges.
  • There has been no change in the Accounting Policies adopted during the quarter ended 30th June 2011 as compared to those followed in the preceding financial year 2010-11.
  • In accordance with the Accounting Standard (AS) 15 (Revised) "Employee Benefits" issued by the Institute of Chartered Accountants of India and based on actuarial valuation, out of transitional liability as at 31st March 2007 aggregating to Rs. 901 crores a proportionate sum of Rs. 45.05 crores has been charged to the Profit and Loss Account during the quarter. The unrecognized amount of Rs. 135.15 crores will be charged proportionately by the end of 31st March 2012.
  • Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimate basis.
  • In accordance with RBI circular no. DBOD.BP.BC.80/21.04.018/2010-11 dated 9th February 2011, out of the additional pension fund liability as on 31st March 2011 of Rs. 1829.90 crores towards serving employees who exercised second option, a proportionate sum of Rs. 91.50 crores has been charged to the Profit and Loss Account during the quarter. The unamortized pension fund liability of Rs.1372.43 crores will be charged proportionately in accordance with the directions contained in the said circular.
  • The financial results for the quarter ended 30th June 2011 have been arrived at after considering provision for Non Performing Assets, Standard Assets and depreciation/provision for Investments on the basis of prudential norms issued by RBI.
  • During the quarter, the Bank has taken over specified Assets & Liabilities of The Memon Co-operative Bank Ltd as per approval granted by RBI vide letter no. UBD.CO.MEROER No. 7814/09.16.901/2010.11 dated 04th March 2011. Out of the deficit of Rs. 156.06 crores arising on said take over, the bank has proportionately charged a sum of Rs. 13 crores being 1/12th of the said deficit to the Profit & Loss Account during the quarter. The balance amount of Rs.143.06 crores will be charged proportionately during the remaining period till Financial Year 2013-14, as approved by RBI vide letter no. DBOD.No.BP.1311/21.04.048/2010-11 dated 25th July 2011.
  • Non Performing Loan Provisioning Coverage Ratio(including technical write off) is 82.52% as on 30th June 2011.Corresponding Ratio as on March 2011 was 85.00%.
  • Status of Investor's complaints :
    • Pending at the beginning of the quarter : Nil
    • Received during the quarter : 120
    • Disposed off during the quarter : 120
    • Pending at the close of the quarter : Nil
  • Statement of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 30 th June 2011 - Reviewed As on 30 th June 2010 - Not reviewed
Capital 3,92,81 3,65,53
Reserves and Surplus 216,16,92 156,01,85
Deposits 3129,42,87 2546,67,78
Borrowings 225,44,35 172,41,05
Other Liabilities and Provisions 123,33,60 99,81,08
Total 3698,30,55 2978,57,29

Assets

Title As on 30 th June 2011 - Reviewed As on 30 th June 2010 - Not reviewed
Cash and Balances with Reserve Bank of India 159,55,97 148,67,83
Balances with Banks and Money at Call and Short Notice 295,83,08 244,75,89
Investments 827,27,85 661,43,86
Advances 2323,40,06 1855,94,56
Fixed Assets 23,12,61 23,18,61
Other Assets 69,10,98 44,56,54
Total 3698,30,55 2978,57,29

The figures of previous period/year have been regrouped / rearranged wherever necessary so as to make them comparable with those of the current period.

Segment Reporting For The Quarter /full Year Ended 30st June, 2011

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 30.06.11 Reviewed Quarter Ended 30.06.10 Reviewed Year Ended 31.03.11 Audited
Treasury Operations 152042 123033 559784
Wholesale Banking 301947 205370 984082
Retail Banking 186395 138914 598340
Other Banking Operations 86880 67103 327304
Total Revenue 727264 534420 2469510

Segment Results

Particulars Quarter Ended 30.06.11 Reviewed Quarter Ended 30.06.10 Reviewed Year Ended 31.03.11 Audited
Treasury Operations 1018 23746 88251
Wholesale Banking 72433 27317 152549
Retail Banking 70369 40720 151789
Other Banking Operations 33354 32003 275061
Total 177174 123786 667650
Unallocated Expenditure 34452 -3868 102618
Profit before Tax 142722 127654 565032
Provision for Tax 39437 41738 140864
Net Profit 103285 85916 424168

Capital Employed

Particulars Quarter Ended 30.06.11 Reviewed Quarter Ended 30.06.10 Reviewed Year Ended 31.03.11 Audited
Treasury Operations 575992 419029 503442
Wholesale Banking 683402 487950 681669
Retail Banking 325510 242400 316036
Other Banking Operations 589844 431405 583874
Unallocated 26225 15954 14290
Total Capital Employed 2200973 1596738 2099311

Part B - Geographic Segments

Particulars Quarter Ended 30.06.11 Reviewed Quarter Ended 30.06.10 Reviewed Year Ended 31.03.11 Audited
Revenue
Domestic 643041 469988 2174387
International 84223 64432 295123
Total 727264 534420 2469510
Assets
Domestic 27558986 22270332 26762947
International 9424069 7515397 9076770
Total 36983055 29785729 35839717

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted "Treasury Operations", Wholesale, Retail and "Other Banking Operations" as Primary business segments and "Domestic" and "International" as secondary / geographic segments for the purpose of compliance with AS-17 on Segment Reporting issued by ICAI.
  • Segment revenue represents revenue from external customers.
  • In determining the segment results, the funds transfer price mechanism followed by the bank has been used.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • Results, Revenue and Capital Employeed of other banking operations includes figures relating to International operations
N. S. Srinath
Executive Director
R. K. Bakshi
Executive Director
M. D. Mallya
Chairman & Managing Director

Place : Mumbai
Date : 27.07.2011

Audited Financial Results for the Quarter/ Year ended 31st March 2011

Sr. No. Particulars Quarter Ended 31.03.2011 Audited Quarter Ended 31.03.2010 Audited Year Ended 31.03.2011 Audited Year Ended 31.03.2010 Audited
1 Interest earned (a)+(b)+(c)+(d) 633416 435384 2188592 1669834
(a) Interest/disc.on advances/bills 458723 324613 1620347 1254122
(b) Income on investments 131840 92495 477478 365588
(c) Interest on balances with Reserve Bank of India and other inter bank funds 13361 10543 47479 35505
(d) Others 29492 7733 43288 14619
2 Other Income 83449 76689 280918 272491
3 Total Income (1 + 2) 716865 512073 2469510 1942325
4 Interest Expended 372028 260889 1308366 1075886
5 Operating Expenses (a) + (b) 150256 96451 462983 381058
(a) Employees cost 98971 53179 291678 235088
(b) Other operating expenses 51285 43272 171305 145970
6 Total Expenditure (4+5) excluding provisions and contingencies 522284 357340 1771349 1456944
7 Operating Profit before Provisions and Contigencies (3-6) 194581 154733 698161 485381
8 Provisions (other than tax) and Contingencies 59041 37733 133129 69720
9 Exceptional Items - 8145 - 8145
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8+9) 135540 125145 565032 423806
11 Tax expenses 6105 34517 140864 117973
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 129435 90628 424168 305833
13 Extraordinary items (net of tax expenses) - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 129435 90628 424168 305833
15 Paid-up equity share capital (Face Value of Rs.10 each) 39281 36553 39281 36553
16 Reserve excluding Revaluation Reserve 1935782 1341961 1935782 1341961
17 Analytical Ratios
i) Percentage of shares held by Government of India 57.03 53.81 57.03 53.81
ii) Capital Adequacy Ratio (%)
As per Basel-I 13.02 12.84 13.02 12.84
As per Basel-II 14.52 14.36 14.52 14.36
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 35.51 24.88 116.37 83.96
iv) NPA Ratios
a) Gross NPA 315250 240069 315250 240069
Net NPA 79088 60232 79088 60232
b) % of Gross NPA 1.36 1.36 1.36 1.36
% of Net NPA 0.35 0.34 0.35 0.34
v) Return on Assets (annualized) % 1.51 1.37 1.33 1.21
18 Public Shareholding
- No. of shares 168266500 168266500 168266500 168266500
- Percentage of shareholding 42.97 46.19 42.97 46.19
19 Promoters and promoter group Shareholding 223279579 196000000 223279579 196000000
(a) Pledged/Encumbered
- Number of shares -- -- -- --
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) -- -- -- --
- Percentage of share (as a % of the total share capital of the company) -- -- -- --
b) Non-encumbered
- Number of shares 223279579 196000000 223279579 196000000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00
- Percentage of share (as a % of the total share capital of the company) 57.03 53.81 57.03 53.81

Notes forming part of the Audited financial results for the Quarter/ Full Year ended 31st March, 2011

  • The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 28.04.2011.
  • There has been no change in the Accounting Policies adopted during the quarter/ Full Year ended 31.03.2011 as compared to those followed in the preceeding financial year 2009-10.
  • As per Accounting Standard (AS) 15 (Revised) "Employee Benefits" issued by the Institute of Chartered Accountants of India and based on actuarial valuation, transitional liability as at 31st March, 2007 was calculated at Rs.901 crores out of which a proportionate sum of Rs.45.05 crores has been charged to the Profit and Loss Account during the quarter. The unrecognised amount of Rs.180.20 crores will be charged proportionately by the end of 31st March, 2012.
  • In accordance with RBI circular no.DBOD.BP.BC.80/21.04.018/2010-11 dated 09.02.2011 one-fifth of the additional pension fund liability of Rs.365.98 crores towards serving employees, who exercised second option and 100% of such liability of Rs.554.14 crores towards retired / separated employees aggregating to Rs.920.12 crores has been reckoned for this year. Unrecognised Pension Fund Liability is Rs.1463.92 crores.
  • The financial results for the full year ended 31st March, 2011 have been arrived at after considering provision for Non Performing Assets, Standard Assets and depreciation/provision for Investments on the basis of prudential norms issued by RBI. The Bank has made an additional ad-hoc provision of Rs.320.08 crores upto December 31, 2010 in certain non-performing domestic advance assets. Further, during the quarter Bank has made a floating provision of Rs.300 crores
  • During the year bank has allotted 2,72,79,579 equity shares of Rs.10/- each at a premium of Rs.892.14, to Govt. of India, as approved by the shareholders in an Extra-Ordinary General Meeting in accordance with regulation 76 (1) of SEBI (Issue of Capital & Disclosure Requirements) Regulations 2009, on preferential basis. The total amount received by the Bank on this account is Rs.2461 crores. Consequently the Government share holding has increased from 53.81% to 57.03%.
  • Non Performing Loan Provisioning Coverage Ratio (Without Tech-Write off) is 74.91% as on 31st March 2011.
  • The Bank has proposed dividend of Rs.753.35 crores (Rs.16.50 per share) which is subject to a notification to be issued to this effect by the Government Of India under Section 53 of Banking Regulation Act, 1949.
  • Status of Investor's complaints :
    • Pending at the beginning of the quarter Nil
    • Received during the quarter 141
    • Disposed off during the quarter 141
    • Pending at the close of the quarter Nil
  • Statements of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 31st March 2011 - Audited As on 31st Mar. 2010 - Audited
Capital 392,80,73 365,52,77
Reserves and Surplus 20600,30,46 14740,85,50
Deposits 305439,48,19 241261,92,52
Borrowings 22307,85,48 13350,08,50
Other Liabilities and Provisions 9656,72,68 8598,30,99
Total 358397,17,54 278316,70,28

Assets

Title As on 31st March 2011 - Audited As on 31st Mar. 2010 - Audited
Cash and Balances with Reserve Bank of India 19868,17,89 13539,96,91
Balances with Banks and Money at Call and Short Notice 30065,88,89 21927,08,85
Investments 71260,63,09 61182,37,54
Advances 228676,36,09 175035,28,59
Fixed Assets 2299,71,83 2284,76,48
Other Assets 6226,39,75 4347,21,91
Total 358397,17,54 278316,70,28

The figures of previous period(s) have been regrouped / rearranged wherever necessary so as to make them comparable with those of the current period(s).

Segment Reporting For The Quarter /full Year Ended 31st March, 2011

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 31.03.11 Audited Quarter Ended 31.03.10 Audited Year Ended 31.03.11 Audited Year Ended 31.03.10 Audited
Treasury Operations 152400 117941 559784 459916
Wholesale Banking 286914 190082 984082 732424
Retail Banking 168127 143536 598340 495691
Other Banking Operations 109424 68659 327304 262439
Total Revenue 716865 520218 2469510 1950470

Segment Results

Particulars Quarter Ended 31.03.11 Audited Quarter Ended 31.03.10 Audited Year Ended 31.03.11 Audited Year Ended 31.03.10 Audited
Treasury Operations 16353 18784 88251 104770
Wholesale Banking 19776 53859 152549 158536
Retail Banking 20184 22560 151789 77865
Other Banking Operations 90759 55069 275061 178039
Total 147072 150272 667650 519210
Unallocated expenditure 11532 25127 102618 95404
Profit before Tax 135540 125145 565032 423806
Provision for Tax 6105 34517 140864 117973
Net Profit 129435 90628 424168 305833

Capital Employed

Particulars Quarter Ended 31.03.11 Audited Quarter Ended 31.03.10 Audited Year Ended 31.03.11 Audited Year Ended 31.03.10 Audited
Treasury Operations 503442 377089 503442 377089
Wholesale Banking 681669 473105 681669 473105
Retail Banking 316036 244292 316036 244292
Other Banking Operations 583874 403346 583874 403346
Unallocated 14290 12806 14290 12806
Total Capital Employed 2099311 1510638 2099311 1510638

Part B - Geographic Segments

Particulars Quarter Ended 31.03.11 Audited Quarter Ended 31.03.10 Audited Year Ended 31.03.11 Audited Year Ended 31.03.10 Audited
Revenue
Domestic 634533 457659 2174387 1701416
International 82332 62559 295123 249054
Total 716865 520218 2469510 1950470
Assets
Domestic 26762947 18934276 26762947 21032967
International 9076770 6101122 9076770 6798703
Total 35839717 25035398 35839717 27831670

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted "Treasury Operations", Wholesale, Retail and "Other Banking Operations" as Primary business segments and "Domestic" and "International" as secondary / geographic segments for the purpose of compliance with AS-17 on Segment Reporting issued by ICAI.
  • Segment revenue represents revenue from external customers.
  • In determining the segment results, the funds transfer price mechanism followed by the bank has been used.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • Results, Revenue and Capital Employeed of other banking operations includes figures relating to International operations
N. S. Srinath
Executive Director
R. K. Bakshi
Executive Director
M. D. Mallya
Chairman & Managing Director

Place : Mumbai
Date : 28.04.2011

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