Financial Report 2011-12

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Unaudited Financial Results for the quarter /half year ended 30th September, 2012

Sr. No. Particulars Quarter Ended 31.12.2012 (Reviewed) Quarter Ended 30.09.2012 (Reviewed) Quarter Ended 31.12.2011 (Reviewed) Nine Months Ended 31.12.2012 (Reviewed) Nine Months Ended 31.12.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
1 Interest earned (a)+(b)+(c)+(d) 8844,92 8722,55 7671,99 26125,08 21555,20 29673,72
(a) Interest /discount on advances/bills 6485,32 6438,72 5748,53 19350,69 16295,53 22369,41
(b) Income on investments 1897,92 1869,86 1646,16 5499,29 4544,75 6184,73
(c) Interest on balances with Reserve Bank of India and other inter bank funds 403,21 338,76 221,24 1029,89 604,50 837,43
(d) Others 58,47 75,21 56,06 245,21 110,42 282,15
2 Other Income 840,59 828,31 1149,33 2439,70 2524,54 3422,33
3 Total Income (1 + 2) 9685,51 9550,86 8821,32 28564,78 24079,74 33096,05
4 Interest Expended 6004,02 5860,25 5016,48 17623,81 14035,59 19356,71
5 Operating Expenses (a) + (b) 1425,51 1308,03 1196,65 4049,23 3464,71 5108,97
(a) Employees cost 798,15 751,21 674,03 2310,35 1966,02 2985,58
(b) Other operating expenses 627,36 556,82 522,62 1738,88 1498,69 2123,39
6 Total Expenditure (4+5) excluding provisions and contingencies 7429,53 7168,28 6213,13 21673,04 17500,30 24465,68
7 Operating Profit before Provisions and Contingencies (3-6) 2255,98 2382,58 2608,19 6891,74 6579,44 8630,37
8 Provisions (other than tax) and Contingencies 1029,31 646,41 836,74 2569,52 1711,14 2554,82
9 Exceptional Items (Refer Note no. 4) 12,44 12,44 13,00 37,32 39,01 49,75
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 1214,23 1723,73 1758,45 4284,90 4829,29 6025,80
11 Tax expenses 202,61 422,34 468,60 833,03 1340,51 1018,84
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 1011,62 1301,39 1289,85 3451,87 3488,78 5006,96
13 Extraordinary items (net of tax expenses) - - - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 1011,62 1301,39 1289,85 3451,87 3488,78 5006,96
15 Paid-up equity share capital (Face Value of Rs.10 each) 412,38 412,38 392,81 412,38 392,81 412,38
16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 25890,79 25890,79 19357,82 25890,79 19357,82 25890,79
17 Analytical Ratios
i) Percentage of shares held by Government of India 54.31 54.31 57.03 54.31 57.03 54.31
ii) Capital Adequacy Ratio (%) 12.66 12.91 13.45 12.66 13.45 14.67
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 24.61 31.65 32.94 83.96 89.10 127.84
iv) NPA Ratios
(a) Gross NPA 7321,45 5879,01 3895,08 7321,45 3895,08 4464,75
Net NPA 3363,23 2384,63 1325,27 3363,23 1325,27 1543,64
(b) % of Gross NPA 2.41 1.98 1.48 2.41 1.48 1.53
% of Net NPA 1.12 0.82 0.51 1.12 0.51 0.54
v) Return on Assets (annualized) % 0.84 1.12 1.29 0.98 1.21 1.24
18 Public Shareholding
- No. of shares 18,78,43,804 18,78,43,804 16,82,66,500 18,78,43,804 16,82,66,500 18,78,43,804
- Percentage of shareholding 45.69 45.69 42.97 45.69 42.97 45.69
19 Promoters and promoter group Shareholding 22,32,79,579 22,32,79,579 22,32,79,579 22,32,79,579 22,32,79,579 22,32,79,579
(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 bank) -- -- -- -- -- --
(b) Non-encumbered
- Number of shares 22,32,79,579 22,32,79,579 22,32,79,579 22,32,79,579 22,32,79,579 22,32,79,579
- 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 bank) 54.31 54.31 57.03 54.31 57.03 54.31

Notes forming part of the Unaudited financial results for the quarter / nine months ended 31st December, 2012

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on 3rd February, 2013 and approved by the Board of Directors in their meeting held on 4th February, 2013. 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.
  • The above results for the quarter / nine months ended 31st December, 2012 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2012.
  • 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 ended 31st December, 2012. The unamortized pension fund liability of Rs.823.45 crores will be charged proportionately in accordance with the directions contained in the said circular.
  • 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 4th March, 2011. Out of the deficit of Rs.149.25 crores on account of the said take over, the Bank has proportionately charged Rs.12.44 crores to the Profit and Loss Account during the quarter ended 31st December, 2012 as approved by RBI vide letter no. DBOD.No.BP.1311/21.04.048/2010-11 dated 25th July, 2011.The balance amount of Rs.62.18 crores will be charged proportionately upto Financial Year 2013-14.
  • Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimated basis.
  • The financial results for the quarter / nine months ended 31st December, 2012 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% .
  • Non Performing Loan Provisioning Coverage Ratio (including technical write off) is 70.88% as on 31st December, 2012.
  • Details of Investor's complaints for the quarter ended 31st December, 2012: Pending at Beginning - Nil; Received - 67; Disposed off - 67; Closing - Nil
  • Statements of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 31st Dec 2012 Reviewed As on 31st Dec 2011 Reviewed
Capital 412,38 392,81
Reserves and Surplus 30966,17 24963,46
Deposits 414733,40 349205,91
Borrowings 27899,38 24636,59
Other Liabilities and Provisions 14551,67 12190,58
Total 488563,00 411389,35

Assets

Title As on 31st Dec 2012 Reviewed As on 31st Dec 2011 Reviewed
Cash and Balances with Reserve Bank of India 17146,98 17793,28
Balances with Banks and Money at Call and Short Notice 58294,55 39093,28
Investments 101847,97 83805,45
Advances 299317,84 260660,61
Fixed Assets 2398,69 2304,17
Other Assets 9556,97 7732,56
Total 488563,00 411389,35

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 / nine months ended 31st December, 2012

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 31.12.2012 Reviewed Quarter Ended 30.09.2012 Reviewed Quarter Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2012 Reviewed Nine Months Ended 31.12.2011 Reviewed Year Ended 31.03.2012 Audited
Treasury Operations 2342,13 2202,74 2206,90 6575,85 5405,03 7325,07
Wholesale Banking 3685,16 3623,64 3383,66 11126,27 9663,64 13132,60
Retail Banking 2465,02 2415,55 2123,34 7124,93 6107,41 8488,31
Other Banking Operations 1193,20 1308,93 1107,42 3737,73 2903,66 4150,07
Total Revenue 9685,51 9550,86 8821,32 28564,78 24079,74 33096,05

Segment Results

Particulars Quarter Ended 31.12.2012 Reviewed Quarter Ended 30.09.2012 Reviewed Quarter Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2012 Reviewed Nine Months Ended 31.12.2011 Reviewed Year Ended 31.03.2012 Audited
Treasury Operations 231,28 386,76 373,13 708,27 339,25 887,72
Wholesale Banking (34,55) 155,72 316,06 407,70 1598,29 965,87
Retail Banking 745,19 704,82 648,85 2082,96 1990,24 2782,37
Other Banking Operations 617,92 882,65 839,56 2179,33 2038,98 2959,73
Total 1559,84 2129,95 2177,60 5378,26 5966,76 7595,69
Unallocated Expenditure 345,61 406,22 419,15 1093,36 1137,47 1569,89
Profit before Tax 1214,23 1723,73 1758,45 4284,90 4829,29 6025,80
Provision for Tax 202,61 422,34 468,60 833,03 1340,51 1018,84
Net Profit 1011,62 1301,39 1289,85 3451,87 3488,78 5006,96

Capital Employed

Particulars Quarter Ended 31.12.2012 Reviewed Quarter Ended 30.09.2012 Reviewed Quarter Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2012 Reviewed Nine Months Ended 31.12.2011 Reviewed Year Ended 31.03.2012 Audited
Treasury Operations 8281,64 7818,41 6287,37 8281,64 6287,37 6369,46
Wholesale Banking 8447,52 8306,22 7494,35 8447,52 7494,35 8612,31
Retail Banking 4581,67 4357,86 3699,49 4581,67 3699,49 3879,71
Other Banking Operations 9709,39 9319,50 7622,91 9709,39 7622,91 8330,39
Unallocated 358,33 291,91 252,15 358,33 252,15 284,98
Total Capital Employed 31378,55 30093,90 25356,27 31378,55 25356,27 27476,85

Part B - Geographic Segments

Revenue

Particulars Quarter Ended 31.12.2012 Reviewed Quarter Ended 30.09.2012 Reviewed Quarter Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2012 Reviewed Nine Months Ended 31.12.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 8493,21 8243,18 7715,12 24831,48 21182,57 29063,31
International 1192,30 1307,68 1106,20 3733,30 2897,17 4032,74
Total 9685,51 9550,86 8821,32 28564,78 24079,74 33096,05

Assets

Particulars Quarter Ended 31.12.2012 Reviewed Quarter Ended 30.09.2012 Reviewed Quarter Ended 31.12.2011 Reviewed Nine Months Ended 31.12.2012 Reviewed Nine Months Ended 31.12.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 340171,80 333304,55 291659,44 340171,80 291659,44 319459,76
International 148391,20 142522,35 119729,91 148391,20 119729,91 127861,71
Total 488563,00 475826,90 411389,35 488563,00 411389,35 447321,47

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, The 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 Employed of International operations is included in other banking operations.
Ranjan Dhawan
Executive Director		 S K Jain
Executive Director		 P. Srinivas
Executive Director		 S S Mundra
Chairman & Managing Director

Place : Mumbai
Date : 30.07.2012

Unaudited Financial Results for the quarter /half year ended 30th September, 2012

Sr. No. Particulars Quarter Ended 30.09.2012 (Reviewed) Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 30.09.2011 (Reviewed) Half Year Ended 30.09.2012 (Reviewed) Half Year Ended 30.09.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
1 Interest earned (a)+(b)+(c)+(d) 8722,55 8557,61 7251,44 17280,16 13883,21 29673,72
(a) Interest /discount on advances/bills 6438,72 6426,65 5471,50 12865,37 10547,00 22369,41
(b) Income on investments 1869,86 1731,51 1546,14 3601,37 2898,59 6184,73
(c) Interest on balances with Reserve Bank of India and other inter bank funds 338,76 287,92 218,77 626,68 383,26 837,43
(d) Others 75,21 111,53 15,03 186,74 54,36 282,15
2 Other Income 828,31 770,80 734,34 1599,11 1375,21 3422,33
3 Total Income (1 + 2) 9550,86 9328,41 7985,78 18879,27 15258,42 33096,05
4 Interest Expended 5860,25 5759,54 4684,53 11619,79 9019,11 19356,71
5 Operating Expenses (a) + (b) 1308,03 1315,69 1161,28 2623,72 2268,06 5108,97
(a) Employees cost 751,21 760,99 646,61 1512,20 1291,99 2985,58
(b) Other operating expenses 556,82 554,70 514,67 1111,52 976,07 2123,39
6 Total Expenditure (4+5) excluding provisions and contingencies 7168,28 7075,23 5845,81 14243,51 11287,17 24465,68
7 Operating Profit before Provisions and Contingencies (3-6) 2382,58 2253,18 2139,97 4635,76 3971,25 8630,37
8 Provisions (other than tax) and Contingencies 646,41 893,80 483,35 1540,21 874,40 2554,82
9 Exceptional Items (Refer Note no. 4) 12,44 12,44 13,00 24,88 26,01 49,75
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 1723,73 1346,94 1643,62 3070,67 3070,84 6025,80
11 Tax expenses 422,34 208,08 477,54 630,42 871,91 1018,84
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 1301,39 1138,86 1166,08 2440,25 2198,93 5006,96
13 Extraordinary items (net of tax expenses) - - - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 1301,39 1138,86 1166,08 2440,25 2198,93 5006,96
15 Paid-up equity share capital (Face Value of Rs.10 each) 412,38 412,38 392,81 412,38 392,81 412,38
16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 25890,79 25890,79 19357,82 25890,79 19357,82 25890,79
17 Analytical Ratios
i) Percentage of shares held by Government of India 54.31 54.31 57.03 54.31 57.03 54.31
ii) Capital Adequacy Ratio (%) 12.91 13.74 12.73 12.91 12.73 14.67
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 31.65 27.70 29.78 59.36 56.16 127.84
iv) NPA Ratios
(a) Gross NPA 5879,01 5319,41 3402,10 5879,01 3402,10 4464,75
Net NPA 2384,63 1844,51 1118,58 2384,63 1118,58 1543,64
(b) % of Gross NPA 1.98 1.84 1.41 1.98 1.41 1.53
% of Net NPA 0.82 0.65 0.47 0.82 0.47 0.54
v) Return on Assets (annualized) % 1.12 1.01 1.23 1.06 1.18 1.24
18 Public Shareholding
- No. of shares 18784,38,04 18784,38,04 16826,65,00 18784,38,04 16826,65,00 18784,38,04
- Percentage of shareholding 45.69 45.69 42.97 45.69 42.97 45.69
19 Promoters and promoter group Shareholding 22327,95,79 22327,95,79 22327,95,79 22327,95,79 22327,95,79 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 bank) -- -- -- -- -- --
(b) Non-encumbered
- Number of shares 22327,95,79 22327,95,79 22327,95,79 22327,95,79 22327,95,79 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 bank) 54.31 54.31 57.03 54.31 57.03 54.31

Notes forming part of the Unaudited financial results for the quarter / half year ended 30th September, 2012

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on 21st October, 2012 and approved by the Board of Directors in their meeting held on 22nd October, 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.
  • The above results for the quarter / half year ended 30th September, 2012 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2012.
  • 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 ended 30th September, 2012. The unamortized pension fund liability of Rs.914.95 crores will be charged proportionately in accordance with the directions contained in the said circular.
    • 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 4th March, 2011. Out of the deficit of Rs.149.25 crores on account of the said take over, the Bank has proportionately charged Rs.12.44 crores to the Profit and Loss Account during the quarter ended 30th September, 2012 as approved by RBI vide letter no. DBOD.No.BP.1311/21.04.048/2010-11 dated 25th July, 2011.The balance amount of Rs.74.62 crores will be charged proportionately upto Financial Year 2013-14.
  • Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimated basis.
  • The financial results for the quarter / half year ended 30th September, 2012 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% .
  • Non Performing Loan Provisioning Coverage Ratio (including technical write off) is 75.72% as on 30th September, 2012.
  • Details of Investor's complaints for the quarter ended 30th September, 2012: Pending at Beginning - Nil; Received - 93; Disposed off - 93; Closing - Nil
  • Statements of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 30th Sept 2012 (Reviewed) As on 30th Sept 2011 (Reviewed)
Capital 412,38 392,81
Reserves and Surplus 29681,51 23254,57
Deposits 408149,50 329185,35
Borrowings 26160,22 23690,65
Other Liabilities and Provisions 11423,29 10763,90
Total 475826,90 387287,28

Assets

Title As on 30th Sept 2012 (Reviewed) As on 30th Sept 2011 (Reviewed)
Cash and Balances with Reserve Bank of India 17641,57 18010,97
Balances with Banks and Money at Call and Short Notice 54029,33 32761,31
Investments 101430,13 88589,02
Advances 292180,92 239120,31
Fixed Assets 2366,98 2309,81
Other Assets 8177,97 6495,86
Total 475826,90 387287,28

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 / half year ended 30th September, 2012

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 30.09.2012 Reviewed Quarter Ended 30.06.2012 Reviewed Quarter Ended 30.09.2011 Reviewed Half Year Ended 30.09.2012 Reviewed Half Year Ended 30.09.2011 Reviewed Year Ended 31.03.2012 Audited
(Treasury Operations 2202,74 2030,98 1677,71 4233,72 3198,13 7325,07
Wholesale Banking 3623,64 3817,47 3237,88 7441,11 6279,98 13132,60
Retail Banking 2415,55 2244,36 2120,12 4659,91 3984,07 8488,31
Other Banking Operations 1308,93 1235,60 950,07 2544,53 1796,24 4150,07
Total Revenue 9550,86 9328,41 7985,78 18879,27 15258,42 33096,05

Segment Results

Particulars Quarter Ended 30.09.2012 Reviewed Quarter Ended 30.06.2012 Reviewed Quarter Ended 30.09.2011 Reviewed Half Year Ended 30.09.2012 Reviewed Half Year Ended 30.09.2011 Reviewed Year Ended 31.03.2012 Audited
Treasury Operations 386,76 90,23 (44,06) 476,99 (33,88) 887,72
Wholesale Banking 155,72 286,53 446,90 442,25 1282,23 965,87
Retail Banking 704,82 632,95 726,07 1337,77 1341,39 2782,37
Other Banking Operations 882,65 678,76 888,51 1561,41 1199,42 2959,73
Total 2129,95 1688,47 2017,42 3818,42 3789,16 7595,69
Unallocated Expenditure 406,22 341,53 373,80 747,75 718,32 1569,89
Profit before Tax 1723,73 1346,94 1643,62 3070,67 3070,84 6025,80
Provision for Tax 422,34 208,08 477,54 630,42 871,91 1018,84
Net Profit 1301,39 1138,86 1166,08 2440,25 2198,93 5006,96

Capital Employed

Particulars Quarter Ended 30.09.2012 Reviewed Quarter Ended 30.06.2012 Reviewed Quarter Ended 30.09.2011 Reviewed Half Year Ended 30.09.2012 Reviewed Half Year Ended 30.09.2011 Reviewed Year Ended 31.03.2012 Audited
Treasury Operations 7818,41 7333,50 6412,06 7818,41 6412,06 6369,46
Wholesale Banking 8306,22 8566,73 6871,96 8306,22 6871,96 8612,31
Retail Banking 4357,86 4076,38 3519,37 4357,86 3519,37 3879,71
Other Banking Operations 9319,50 8864,63 6577,81 9319,50 6577,81 8330,39
Unallocated 291,91 292,32 266,18 291,91 266,18 284,98
Total Capital Employed 30093,90 29133,56 23647,38 30093,90 23647,38 27476,85

Part B - Geographic Segments

Revenue

Particulars Quarter Ended 30.09.2012 Reviewed Quarter Ended 30.06.2012 Reviewed Quarter Ended 30.09.2011 Reviewed Half Year Ended 30.09.2012 Reviewed Half Year Ended 30.09.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 8243,18 8095,09 7037,04 16338,27 13467,45 29063,31
International 1307,68 1233,32 948,74 2541,00 1790,97 4032,74
Total 9550,86 9328,41 7985,78 18879,27 15258,42 33096,05

Assets

Particulars Quarter Ended 30.09.2012 Reviewed Quarter Ended 30.06.2012 Reviewed Quarter Ended 30.09.2011 Reviewed Half Year Ended 30.09.2012 Reviewed Half Year Ended 30.09.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 333304,55 311884,11 282256,18 333304,55 282256,18 319459,76
International 142522,35 142369,67 105031,10 142522,35 105031,10 127861,71
Total 475826,90 454253,78 387287,28 475826,90 387287,28 447321,47

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, The 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 Employed of International operations is included in other banking operations.
P. Srinivas
Executive Director		 S K Jain
Executive Director		 R. K. Bakshi
Executive Director		 M. D. Mallya
Chairman & Managing Director

Place : Mumbai
Date : 30.07.2012

Unaudited Financial Results for the quarter ended 30th June, 2012

Sr. No. Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
1 Interest earned (a)+(b)+(c)+(d) 8557,61 8118,52 6631,77 29673,72
(a) Interest /discount on advances/bills 6426,65 6073,88 5075,50 22369,41
(b) Income on investments 1731,51 1639,98 1352,45 6184,73
(c) Interest on balances with Reserve Bank of India and other inter bank funds 287,92 232,93 164,49 837,43
(d) Others 111,53 171,73 39,33 282,15
2 Other Income 770,80 897,79 640,87 3422,33
3 Total Income (1 + 2) 9328,41 9016,31 7272,64 33096,05
4 Interest Expended 5759,54 5321,12 4334,58 19356,71
5 Operating Expenses (a) + (b) 1315,69 1644,26 1106,78 5108,97
(a) Employees cost 760,99 1019,56 645,38 2985,58
(b) Other operating expenses 554,70 624,70 461,40 2123,39
6 Total Expenditure (4+5) excluding provisions and contingencies 7075,23 6965,38 5441,36 24465,68
7 Operating Profit before Provisions and Contigencies (3-6) 2253,18 2050,93 1831,28 8630,37
8 Provisions (other than tax) and Contingencies 893,80 843,68 391,05 2554,82
9 Exceptional Items (Refer Note no. 5) 12,44 10,74 13,01 49,75
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 1346,94 1196,51 1427,22 6025,80
11 Tax expenses 208,08 (321,67) 394,37 1018,84
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 1138,86 1518,18 1032,85 5006,96
13 Extraordinary items (net of tax expenses) - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 1138,86 1518,18 1032,85 5006,96
15 Paid-up equity share capital (Face Value of Rs.10 each) 412,38 412,38 392,81 412,38
16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 25890,79 25890,79 19357,82 25890,79
17 Analytical Ratios
i) Percentage of shares held by Government of India 54.31 54.31 57.03 54.31
ii) Capital Adequacy Ratio (%) 13.74 14.67 13.10 14.67
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 27.70 38.73 26.38 127.84
iv) NPA Ratios
(a) Gross NPA 5319,41 4464,75 3425,46 4464,75
Net NPA 1844,51 1543,64 1024,42 1543,64
(b) % of Gross NPA 1.84 1.53 1.46 1.53
% of Net NPA 0.65 0.54 0.44 0.54
v) Return on Assets (annualized) % 1.01 1.41 1.13 1.24
18 Public Shareholding
- No. of shares 18784,38,04 18784,38,04 16826,65,00 18784,38,04
- Percentage of shareholding 45.69 45.69 42.97 45.69
19 Promoters and promoter group Shareholding 22327,95,79 22327,95,79 22327,95,79 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 bank) -- -- -- --
(b) Non-encumbered
- Number of shares 22327,95,79 22327,95,79 22327,95,79 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
- Percentage of share (as a % of the total share capital of the bank) 54.31 54.31 57.03 54.31

Notes forming part of the Unaudited financial results for the quarter ended 30th June, 2012

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on 29th July, 2012 and approved by the Board of Directors in their meeting held on 30th July, 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.
  • The above results for the quarter ended 30th June, 2012 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2012.
  • Figures in respect of results for preceding quarter ended 31st March, 2012 are balancing figures between audited financial results in respect of full financial year ended 31st March, 2012 and published year to date figure up to 3rd quarter ended 31st December, 2011 in financial year ended 31st March, 2012.
  • 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 ended 30th June, 2012. The unamortized pension fund liability of Rs.1006.45 crores will be charged proportionately in accordance with the directions contained in the said circular.
  • 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 4th March, 2011. Out of the deficit of Rs.149.25 crores on account of the said take over, the Bank has proportionately charged Rs.12.44 crores to the Profit and Loss Account during the quarter ended 30th June, 2012 as approved by RBI vide letter no. DBOD.No.BP.1311/21.04.048/2010-11 dated 25th July, 2011.The balance amount of Rs.87.06 crores will be charged proportionately upto Financial Year 2013-14.
  • Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimated basis.
  • The financial results for the quarter ended 30th June, 2012 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% . Further, the Bank has made an additional adhoc provision of Rs.328.64 crores during the quarter ended 30th June, 2012 in certain non-performing advance accounts.
  • Non Performing Loan Provisioning Coverage Ratio (including technical write off) is 79.02% as on 30th June, 2012.
  • Details of Investor's complaints for the quarter ended 30th June, 2012: Pending at Beginning - Nil; Received - 61; Disposed off - 61; Closing - Nil
  • Statements of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 30th June 2012 (Reviewed) As on 30th June 2011 (Reviewed)
Capital 412,38 392,81
Reserves and Surplus 28721,18 21684,04
Deposits 382738,61 312942,88
Borrowings 27670,89 22544,35
Other Liabilities and Provisions 14710,72 12266,47
Total 454253,78 369830,55

Assets

Title As on 30th June 2012 (Reviewed) As on 30th June 2011 (Reviewed)
Cash and Balances with Reserve Bank of India 15262,16 15955,98
Balances with Banks and Money at Call and Short Notice 44124,40 29583,08
Investments 98216,06 82875,22
Advances 285813,18 232340,06
Fixed Assets 2378,20 2312,61
Other Assets 8459,78 6763,60
Total 454253,78 369830,55

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 ended 30th June, 2012

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
Treasury Operations 2030,98 1920,04 1520,42 7325,07
Wholesale Banking 3817,47 3468,96 3042,10 13132,60
Retail Banking 2244,36 2380,90 1863,95 8488,31
Other Banking Operations 1235,60 1246,41 846,17 4150,07
Total Revenue 9328,41 9016,31 7272,64 33096,05

Segment Results

Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
Treasury Operations 90,23 548,47 10,18 887,72
Wholesale Banking 286,53 (632,42) 835,33 965,87
Retail Banking 632,95 792,13 615,32 2782,37
Other Banking Operations 678,76 920,75 310,91 2959,73
Total 1688,47 1628,93 1771,74 7595,69
Unallocated Expenditure 341,53 432,42 344,52 1569,89
Profit before Tax 1346,94 1196,51 1427,22 6025,80
Provision for Tax 208,08 (321,67) 394,37 1018,84
Net Profit 1138,86 1518,18 1032,85 5006,96

Capital Employed

Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
Treasury Operations 7333,50 6369,46 5777,48 6369,46
Wholesale Banking 8566,73 8612,31 6854,86 8612,31
Retail Banking 4076,38 3879,71 3265,03 3879,71
Other Banking Operations 8864,63 8330,39 5916,43 8330,39
Unallocated 292,32 284,98 263,05 284,98
Total Capital Employed 29133,56 27476,85 22076,85 27476,85

Part B - Geographic Segments

Revenue

Particulars Quarter Ended 30.06.2012 Reviewed Quarter Ended 31.03.2012 Audited Quarter Ended 30.06.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 8095,09 7880,74 6430,41 29063,31
International 1233,32 1135,57 842,23 4032,74
Total 9328,41 9016,31 7272,64 33096,05

Assets

Particulars Quarter Ended 30.06.2012 Reviewed Quarter Ended 31.03.2012 Audited Quarter Ended 30.06.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 311884,11 319459,76 275589,86 319459,76
International 142369,67 127861,71 94240,69 127861,71
Total 454253,78 447321,47 369830,55 447321,47

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, The 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 Employed of International operations is included in other banking operations.
Place : Mumbai
Date : 30.07.2012		 S K Jain
Executive Director		 R. K. Bakshi
Executive Director		 M. D. Mallya
Chairman & Managing Director

Unaudited Financial Results for the quarter ended 30th June, 2012

Sr. No. Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
1 Interest earned (a)+(b)+(c)+(d) 8557,61 8118,52 6631,77 29673,72
(a) Interest /discount on advances/bills 6426,65 6073,88 5075,50 22369,41
(b) Income on investments 1731,51 1639,98 1352,45 6184,73
(c) Interest on balances with Reserve Bank of India and other inter bank funds 287,92 232,93 164,49 837,43
(d) Others 111,53 171,73 39,33 282,15
2 Other Income 770,80 897,79 640,87 3422,33
3 Total Income (1 + 2) 9328,41 9016,31 7272,64 33096,05
4 Interest Expended 5759,54 5321,12 4334,58 19356,71
5 Operating Expenses (a) + (b) 1315,69 1644,26 1106,78 5108,97
(a) Employees cost 760,99 1019,56 645,38 2985,58
(b) Other operating expenses 554,70 624,70 461,40 2123,39
6 Total Expenditure (4+5) excluding provisions and contingencies 7075,23 6965,38 5441,36 24465,68
7 Operating Profit before Provisions and Contigencies (3-6) 2253,18 2050,93 1831,28 8630,37
8 Provisions (other than tax) and Contingencies 893,80 843,68 391,05 2554,82
9 Exceptional Items (Refer Note no. 5) 12,44 10,74 13,01 49,75
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 1346,94 1196,51 1427,22 6025,80
11 Tax expenses 208,08 (321,67) 394,37 1018,84
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 1138,86 1518,18 1032,85 5006,96
13 Extraordinary items (net of tax expenses) - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 1138,86 1518,18 1032,85 5006,96
15 Paid-up equity share capital (Face Value of Rs.10 each) 412,38 412,38 392,81 412,38
16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 25890,79 25890,79 19357,82 25890,79
17 Analytical Ratios
i) Percentage of shares held by Government of India 54.31 54.31 57.03 54.31
ii) Capital Adequacy Ratio (%) 13.74 14.67 13.10 14.67
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 27.70 38.73 26.38 127.84
iv) NPA Ratios
(a) Gross NPA 5319,41 4464,75 3425,46 4464,75
Net NPA 1844,51 1543,64 1024,42 1543,64
(b) % of Gross NPA 1.84 1.53 1.46 1.53
% of Net NPA 0.65 0.54 0.44 0.54
v) Return on Assets (annualized) % 1.01 1.41 1.13 1.24
18 Public Shareholding
- No. of shares 18784,38,04 18784,38,04 16826,65,00 18784,38,04
- Percentage of shareholding 45.69 45.69 42.97 45.69
19 Promoters and promoter group Shareholding 22327,95,79 22327,95,79 22327,95,79 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 bank) -- -- -- --
(b) Non-encumbered
- Number of shares 22327,95,79 22327,95,79 22327,95,79 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
- Percentage of share (as a % of the total share capital of the bank) 54.31 54.31 57.03 54.31

Notes forming part of the Unaudited financial results for the quarter ended 30th June, 2012

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on 29th July, 2012 and approved by the Board of Directors in their meeting held on 30th July, 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.
  • The above results for the quarter ended 30th June, 2012 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2012.
  • Figures in respect of results for preceding quarter ended 31st March, 2012 are balancing figures between audited financial results in respect of full financial year ended 31st March, 2012 and published year to date figure up to 3rd quarter ended 31st December, 2011 in financial year ended 31st March, 2012.
  • 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 ended 30th June, 2012. The unamortized pension fund liability of Rs.1006.45 crores will be charged proportionately in accordance with the directions contained in the said circular.
  • 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 4th March, 2011. Out of the deficit of Rs.149.25 crores on account of the said take over, the Bank has proportionately charged Rs.12.44 crores to the Profit and Loss Account during the quarter ended 30th June, 2012 as approved by RBI vide letter no. DBOD.No.BP.1311/21.04.048/2010-11 dated 25th July, 2011.The balance amount of Rs.87.06 crores will be charged proportionately upto Financial Year 2013-14.
  • Provision for taxes, employee benefits and other provisions for contingencies have been considered on estimated basis.
  • The financial results for the quarter ended 30th June, 2012 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% . Further, the Bank has made an additional adhoc provision of Rs.328.64 crores during the quarter ended 30th June, 2012 in certain non-performing advance accounts.
  • Non Performing Loan Provisioning Coverage Ratio (including technical write off) is 79.02% as on 30th June, 2012.
  • Details of Investor's complaints for the quarter ended 30th June, 2012: Pending at Beginning - Nil; Received - 61; Disposed off - 61; Closing - Nil
  • Statements of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 30th June 2012 (Reviewed) As on 30th June 2011 (Reviewed)
Capital 412,38 392,81
Reserves and Surplus 28721,18 21684,04
Deposits 382738,61 312942,88
Borrowings 27670,89 22544,35
Other Liabilities and Provisions 14710,72 12266,47
Total 454253,78 369830,55

Assets

Title As on 30th June 2012 (Reviewed) As on 30th June 2011 (Reviewed)
Cash and Balances with Reserve Bank of India 15262,16 15955,98
Balances with Banks and Money at Call and Short Notice 44124,40 29583,08
Investments 98216,06 82875,22
Advances 285813,18 232340,06
Fixed Assets 2378,20 2312,61
Other Assets 8459,78 6763,60
Total 454253,78 369830,55

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 ended 30th June, 2012

Part A - Business Segments

Segment Revenue

Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
Treasury Operations 2030,98 1920,04 1520,42 7325,07
Wholesale Banking 3817,47 3468,96 3042,10 13132,60
Retail Banking 2244,36 2380,90 1863,95 8488,31
Other Banking Operations 1235,60 1246,41 846,17 4150,07
Total Revenue 9328,41 9016,31 7272,64 33096,05

Segment Results

Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
Treasury Operations 90,23 548,47 10,18 887,72
Wholesale Banking 286,53 (632,42) 835,33 965,87
Retail Banking 632,95 792,13 615,32 2782,37
Other Banking Operations 678,76 920,75 310,91 2959,73
Total 1688,47 1628,93 1771,74 7595,69
Unallocated Expenditure 341,53 432,42 344,52 1569,89
Profit before Tax 1346,94 1196,51 1427,22 6025,80
Provision for Tax 208,08 (321,67) 394,37 1018,84
Net Profit 1138,86 1518,18 1032,85 5006,96

Capital Employed

Particulars Quarter Ended 30.06.2012 (Reviewed) Quarter Ended 31.03.2012 (Audited) Quarter Ended 30.06.2011 (Reviewed) Year Ended 31.03.2012 (Audited)
Treasury Operations 7333,50 6369,46 5777,48 6369,46
Wholesale Banking 8566,73 8612,31 6854,86 8612,31
Retail Banking 4076,38 3879,71 3265,03 3879,71
Other Banking Operations 8864,63 8330,39 5916,43 8330,39
Unallocated 292,32 284,98 263,05 284,98
Total Capital Employed 29133,56 27476,85 22076,85 27476,85

Part B - Geographic Segments

Revenue

Particulars Quarter Ended 30.06.2012 Reviewed Quarter Ended 31.03.2012 Audited Quarter Ended 30.06.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 8095,09 7880,74 6430,41 29063,31
International 1233,32 1135,57 842,23 4032,74
Total 9328,41 9016,31 7272,64 33096,05

Assets

Particulars Quarter Ended 30.06.2012 Reviewed Quarter Ended 31.03.2012 Audited Quarter Ended 30.06.2011 Reviewed Year Ended 31.03.2012 Audited
Domestic 311884,11 319459,76 275589,86 319459,76
International 142369,67 127861,71 94240,69 127861,71
Total 454253,78 447321,47 369830,55 447321,47

Notes on Segment Reporting

  • As per guidelines of RBI on compliance with Accounting Standards, The 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 Employed of International operations is included in other banking operations.
Place : Mumbai
Date : 30.07.2012		 S K Jain
Executive Director		 R. K. Bakshi
Executive Director		 M. D. Mallya
Chairman & Managing Director

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