Financial Report 2014-15

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Unaudited (Standalone) Financial Results for the Quarter/ Nine Months ended 31st December, 2015

Sr. No. Particulars Quarter Ended 31.12.2015 Reviewed Quarter Ended 30.09.2015 Reviewed Quarter Ended 31.12.2014 Reviewed Nine Months Ended 31.12.2015 Reviewed Nine Months Ended 31.12.2014 Reviewed Year ended 31.03.2015 Audited
1 Interest earned (a)+(b)+(c)+(d) 10614,04 11156,36 10717,99 33046,89 32201,62 42963,55
(a) Interest /discount on advances/bills 7169,25 7711,93 7715,29 22913,89 23263,06 30802,68
(b) Income on investments 2685,87 2739,35 2463,57 7983,87 7072,31 9430,99
(c) Interest on balances with Reserve Bank of India and other inter bank funds 353,35 291,21 366,65 940,61 1263,16 1549,79
(d) Others 405,57 413,87 172,48 1208,52 603,09 1180,09
2 Other Income 1112,91 1144,04 1090,35 3224,18 3106,54 4402,00
3 Total Income (1 + 2) 11726,95 12300,40 11808,34 36271,07 35308,16 47365,55
4 Interest Expended 7908,70 7911,89 7431,85 23637,46 22186,06 29776,32
5 Operating Expenses (a) + (b) 2114,11 2051,49 2037,45 6390,50 5900,53 7674,13
(a) Employees cost 1154,79 1043,98 1119,78 3543,85 3333,11 4261,35
(b) Other operating expenses 959,32 1007,51 917,67 2846,65 2567,42 3412,78
6 Total Expenditure (4+5) excluding provisions and contingencies 10022,81 9963,38 9469,30 30027,96 28086,59 37450,45
7 Operating Profit before Provisions and Contingencies (3-6) 1704,14 2337,02 2339,04 6243,11 7221,57 9915,10
8 Provisions (other than tax) and Contingencies 6164,55 1891,70 1262,25 8655,99 2677,00 4494,50
9 Exceptional Items - - - - - -
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) (4460,41) 445,32 1076,79 (2412,88) 4544,57 5420,60
11 Tax expenses (1118,37) 320,84 742,81 (247,47) 1744,49 2022,17
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) (3342,04) 124,48 333,98 (2165,41) 2800,08 3398,43
13 Extraordinary items (net of tax expenses) - - - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) (3342,04) 124,48 333,98 (2165,41) 2800,08 3398,43
15 Paid-up equity share capital (Face Value of Rs. 2 each) 462,09 462,09 430,68 462,09 430,68 443,56
16 Reserve excluding Revaluation Reserve - - - - - 38404,49
17 Analytical Ratios
i) Percentage of shares held by Government of India 59.24 59.24 56.26 59.24 56.26 57.53
ii) Capital Adequacy Ratio
a Capital Adequacy Ratio (%)- Basel-II 12.95 13.28 12.94 12.95 12.94 13.33
b Capital Adequacy Ratio (%)- Basel-III 12.18 12.51 12.42 12.18 12.42 12.60
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] (14.50) 0.56 1.56 (9.40) 13.04 15.83
iv) NPA Ratios
(a) Gross NPA 38934,11 23710,33 15452,96 38934,11 15452,96 16261,45
Net NPA 21806,16 12797,82 8291,25 21806,16 8291,25 8069,49
(b) % of Gross NPA 9.68 5.56 3.85 9.68 3.85 3.72
% of Net NPA 5.67 3.08 2.11 5.67 2.11 1.89
v) Return on Assets (annualized) % (1.91) 0.07 0.20 (0.41) 0.57 0.49

Notes forming part of the Unaudited financial results for the Quarter/Nine Months ended 31st December, 2015

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on12th February 2016 and approved by the Board of Directors in their meeting held on 13th February 2016. The same have been subjected to Limited Review by the Statutory Central Auditors of the Bank, in line with the guidelines issued by Reserve Bank of India and as per the requirement of listing agreement with Stock Exchanges.
  • 2. The above results for the quarter/ nine months ended 31st Dec. 2015 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2015.
  • 3. The financial results for the quarter/ nine months ended 31st Dec. 2015 have been arrived at after considering provision for Non performing Assets, Standard Assets, Restructured Assets and depreciation / provision for Investments on the basis of prudential norms and specific guidelines issued by RBI. The Bank has made provision @ 20% on the Secured Sub-standard Advance as against the Regulatory requirement of 15%.
  • 4. During the quarter, as a part of Asset Quality Review (AQR) conducted by RBI, the bank has been advised to reclassify / make additional provisions in respect of certain advance accounts over two quarters ending December 2015 and March 2016. The Bank has accordingly implemented the RBI direction in this quarter.
  • 5. Further, the Bank has done a extensive review of the advance portfolio and has made additional provision for NPAs.
  • 6. As advised by RBI vide circular no.DBR.BP.BC.No.31/21.04.018/2015-16 dated 16.07.2015, Bank has included its deposits placed with NABARD/SIDBI and NHB on account of shortfall in lending to Priority Sector, under "Other Assets" which were earlier included under "Investments". Interest income on these deposits has been included under "Interest Earned- Others"
  • 7. In terms of RBI Circular DBOD.BP.BC.2/21.06.201/2013-14 dated 01.07.2013, Banks are required to make Pillar 3 disclosure under Basel III Capital Regulations. These details are being made available on our website "www.bankofbaroda.com". These disclosures have not been subjected to Limited Review by the auditors.
  • 8. Non Performing Loan Provisioning Coverage Ratio is 52.70 % as on 31st Dec., 2015.
  • 9. During the year, on 29th September 2015, Bank has allotted 9,26,63,692 shares of Rs. 2/- each fully paid up at a premium of Rs. 190.74 per share to the Government of India, as approved by shareholders in the Extra-ordinary General Meeting dated 28th Sept. 2015 in accordance with SEBI (ICDR) Regulations 2009 on preferential basis. Total amount received by Bank on this account is Rs. 1786 Crores
  • 10. The other assets include Rs. 1556.39 crores pertaining to tax dispute regarding taxability of income of foreign branches situated in countries with DTAA for assessment years 2005-06 to 2015-16. ITAT has decided the matter against the bank for which bank has preferred an appeal in honourable high court and as per legal advice to the bank, the same is not considered taxable and hence, not provided for.
  • 11. During the quarter a penalty of Rs. 3 lac was imposed by Financial Intelligence Unit (FIU) for non compliance of reporting obligation under Prevention of Money Laundering Act.
  • 12. Details of Investor's complaints for the quarter ended 31.12.2015: Pending at Beginning - Nil; Received -198; Disposed off - 198; Closing - Nil
    Liquidity Coverage Ratio (LCR) for Quarter ended 31st December, 2015. PDF file that opens in new window. To know how to open PDF file refer Help section located at bottom of the site. (200 KB)
  • Statement of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 31st Dec 2015 Reviewed As on 31st Dec 2014 Reviewed
Capital 462,09 430,68
Reserves and Surplus 39532,57 38666,30
Deposits 589687,20 564599,67
Borrowings 33068,32 32467,21
Other Liabilities and Provisions 24435,49 20714,17
Total 687185,67 656878,03

Assets

Title As on 31st Dec 2015 Reviewed As on 31st Dec 2014 Reviewed
Cash and Balances with Reserve Bank of India 22563,93 18831,95
Balances with Banks and Money at Call and Short Notice 106365,60 96827,85
Investments 146601,69 127178,02
Advances 384272,09 393630,50
Fixed Assets 3023,60 2727,57
Other Assets 24358,76 17682,14
Total 687185,67 656878,03

The figures of previous period 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, 2015

Part A - Business Segments

Particulars Quarter Ended 31.12.2015 Reviewed Quarter Ended 30.09.2015 Reviewed Quarter Ended 31.12.2014 Reviewed Nine Months Ended 31.12.2015 Reviewed Nine Months Ended 31.12.2014 Reviewed Year ended 31.03.2015 Audited
Segment Revenue
Treasury Operations 3941,26 3881,64 3455,94 11439,23 10193,46 13905,38
Wholesale Banking 5390,09 5234,22 5363,42 16252,64 16291,34 21465,60
Retail Banking 2395,27 3184,03 2987,34 8577,60 8821,72 11932,16
Other Banking Operations 33 51 1,64 1,60 1,65 62,41
Total Revenue 11726,95 12300,40 11808,34 36271,07 35308,17 47365,55
Segment Results
Treasury Operations 700,43 628,81 785,56 1868,28 2542,06 3332,69
Wholesale Banking (3409,82) (361,50) 60,82 (2726,18) 1049,90 936,42
Retail Banking (1144,75) 682,65 785,70 267,40 2504,06 3005,45
Other Banking Operations 25 41 1,30 1,25 1,31 49,53
Total (3853,89) 950,37 1633,38 (589,25) 6097,33 7324,09
Unallocated Expenditure 606,51 505,05 556,59 1823,62 1552,76 1903,49
Profit before Tax (4460,40) 445,32 1076,79 (2412,87) 4544,57 5420,60
Provision for Tax (1118,36) 320,84 742,81 (247,46) 1744,49 2022,17
Net Profit (3342,04) 124,48 333,98 (2165,41) 2800,08 3398,43
Capital Employed
Treasury Operations 16507,67 16982,71 14776,74 16507,67 14776,74 15127,87
Wholesale Banking 17117,31 19546,65 18179,36 17117,31 18179,36 18740,38
Retail Banking 5868,56 6316,97 5694,61 5868,56 5694,61 5548,14
Other Banking Operations - - - - - -
Unallocated 501,12 465,47 446,27 501,12 446,27 418,96
Total Capital Employed 39994,66 43311,80 39096,98 39994,66 39096,98 39835,35

Part B - Geographic Segments

Particulars Quarter Ended 31.12.2015 Reviewed Quarter Ended 30.09.2015 Reviewed Quarter Ended 31.12.2014 Reviewed Nine Months Ended 31.12.2015 Reviewed Nine Months Ended 31.12.2014 Reviewed Year ended 31.03.2015 Audited
Revenue
Domestic 10493,16 10986,68 10441,75 32472,79 31083,72 41854,04
International 1233,79 1313,72 1366,59 3798,28 4224,45 5511,51
Total 11726,95 12300,40 11808,34 36271,07 35308,17 47365,55
Assets
Domestic 460256,00 472824,92 435507,52 460256,00 435507,52 464871,39
International 226929,67 238707,94 221370,51 226929,67 221370,51 250117,16
Total 687185,67 711532,86 656878,03 687185,67 656878,03 714988,55

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.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • The figures of previous period/ year have been regrouped/ rearranged wherever necessary so as to make them comparable with those of the current period.
Mayank Mehta
Executive director		 B. B. Joshi
Executive Director		 P. S. Jayakumar
Managing Director & CEO		 Ravi Venkatesan
Chairman

Place : Mumbai
Date : 13.2.2016

Unaudited Financial Results for the Quarter/ Half Year ended 30th September, 2015

Sr. No. Particulars Quarter Ended 30.09.2015 Reviewed Quarter Ended 30.06.2015 Reviewed Quarter Ended 30.09.2014 Reviewed Half Year Ended 30.09.2015 Reviewed Half Year Ended 30.09.2014 Reviewed Year ended 31.03.2015Audited
1 Interest earned (a)+(b)+(c)+(d) 11156,36 11276,49 10825,67 22432,85 21483,63 42963,55
(a) Interest /discount on advances/bills 7711,93 8032,71 7807,42 15744,64 15547,77 30802,68
(b) Income on investments 2739,35 2558,65 2232,03 5298,00 4492,56 9430,99
(c) Interest on balances with Reserve Bank of India and other inter bank funds 291,21 296,05 443,42 587,26 896,51 1549,79
(d) Others 413,87 389,08 342,80 802,95 546,79 1180,09
2 Other Income 1144,04 967,23 991,65 2111,27 2016,19 4402,00
3 Total Income (1 + 2) 12300,40 12243,72 11817,32 24544,12 23499,82 47365,55
4 Interest Expended 7911,89 7816,87 7424,56 15728,76 14754,21 29776,32
5 Operating Expenses (a) + (b) 2051,49 2224,90 1989,83 4276,39 3863,08 7674,13
(a) Employees cost 1043,98 1345,08 1107,83 2389,06 2213,33 4261,35
(b) Other operating expenses 1007,51 879,82 882,00 1887,33 1649,75 3412,78
6 Total Expenditure (4+5) excluding provisions and contingencies 9963,38 10041,77 9414,39 20005,15 18617,29 37450,45
7 Operating Profit before Provisions and Contingencies (3-6) 2337,02 2201,95 2402,93 4538,97 4882,53 9915,10
8 Provisions (other than tax) and Contingencies 1891,70 599,74 888,04 2491,44 1414,75 4494,50
9 Exceptional Items - - - - - -
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 445,32 1602,21 1514,89 2047,53 3467,78 5420,60
11 Tax expenses 320,84 550,06 410,67 870,90 1001,68 2022,17
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 124,48 1052,15 1104,22 1176,63 2466,10 3398,43
13 Extraordinary items (net of tax expenses) - - - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 124,48 1052,15 1104,22 1176,63 2466,10 3398,43
15 Paid-up equity share capital (Face Value of Rs. 2 each) 462,09 443,56 430,68 462,09 430,68 443,56
16 Reserve excluding Revaluation Reserve - - - - - 38404,49
17 Analytical Ratios
i) Percentage of shares held by Government of India 59.24 57.53 56.26 59.24 56.26 57.53
ii) Capital Adequacy Ratio
a Capital Adequacy Ratio (%)- Basel-II 13.28 12.74 12.69 13.28 12.69 13.33
b Capital Adequacy Ratio (%)- Basel-III 12.51 11.98 12.19 12.51 12.19 12.60
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 0.56 4.76 5.14 5.32 11.49 15.83
iv) NPA Ratios
(a) Gross NPA 23710,33 17273,95 13057,57 23710,33 13057,57 16261,45
Net NPA 12797,82 8470,02 6704,51 12797,82 6704,51 8069,49
(b) % of Gross NPA 5.56 4.13 3.32 5.56 3.32 3.72
% of Net NPA 3.08 2.07 1.74 3.08 1.74 1.89
v) Return on Assets (annualized) % 0.07 0.60 0.68 0.33 0.75 0.49
18 Public Shareholding
- No. of shares 93,92,19,020 93,92,19,020 93,92,19,020 93,92,19,020 93,92,19,020 93,92,19,020
- Percentage of shareholding 40.76 42.47 43.74 40.76 43.74 42.47
19 Promoters and promoter group Shareholding 136,49,40,578 127,22,76,886 120,78,56,415 136,49,40,578 120,78,56,415 127,22,76,886
(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 136,49,40,578 127,22,76,886 120,78,56,415 136,49,40,578 120,78,56,415 127,22,76,886
- 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) 59.24 57.53 56.26 59.24 56.26 57.53

Notes forming part of the Unaudited financial results for the Quarter/half year ended 30th September, 2015

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on 5th November 2015 and approved by the Board of Directors in their meeting held on 6th November 2015. The same have been subjected to Limited Review by the Statutory Central Auditors of the Bank, in line with the guidelines issued by Reserve Bank of India and as per the requirement of listing agreement with Stock Exchanges.
  • The above results for the quarter/ half year ended 30th Sept. 2015 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2015.
  • The financial results for the quarter/ half year ended 30th Sept. 2015 have been arrived at after considering provision for Non performing Assets, Standard Assets, Restructured Assets and depreciation / provision for Investments on the basis of prudential norms and specific guidelines issued by RBI. The Bank has made provision @ 20% on the Secured Sub-standard Advance as against the Regulatory requirement of 15%.
  • A borrower account has been declared as fraud by the bank wherein the total exposure is Rs. 374.48 Crores as at the end of this quarter. Out of the aforesaid amount, a provision of 25% amounting to Rs. 93.59 Crores has been provided during the quarter. In terms of RBI circular no.BP.BC.83/21.04.048/2014-15 dated 01.04.2015, the balance provision shall be made by the Bank over a period not exceeding 3 quarters.
  • During the quarter, the bank detected a fraud in Ashok Vihar branch, New Delhi and has reported the same to RBI and various investigating authorities . The Bank has estimated a loss of Rs. 11 crores on account of unreconciled entries pertaining to outward remittances by way of import advance payments, which is fully provided for.
  • In terms of RBI circular no.DBR.No.BP.BC.27/21.04/048/2015-16 dated 02.07.2015, the method of calculating discount rate for computing net present value of future cash flows for determination of erosion in fair value of advances on restructuring was changed with effect from the quarter ended 30th June 2015. Accordingly, there is a reduction in provisioning for diminution in fair value by Rs.261 Crs as at 30.09.2015.
  • As advised by RBI vide circular no.DBR.BP.BC.No.31/21.04.018/2015-16 dated 16.07.2015, Bank has included its deposits placed with NABARD/SIDBI and NHB on account of shortfall in lending to Priority Sector, under "Other Assets" which were earlier included under "Investments". Interest income on these deposits has been included under "Interest Earned- Others"
  • In terms of RBI Circular DBOD.BP.BC.2/21.06.201/2013-14 dated 01.07.2013, Banks are required to make Pillar 3 disclosure under Basel III Capital Regulations. These details are being made available on our website "www.bankofbaroda.com". These disclosures have not been subjected to Limited Review by the auditors.
  • Non Performing Loan Provisioning Coverage Ratio is 58.23 % as on 30th Sept., 2015.
  • During the quarter, on 29th September 2015, Bank has allotted 9,26,63,692 shares of Rs. 2/- each fully paid up at a premium of Rs. 190.74 per share to the Government of India, as approved by shareholders in the Extra-ordinary General Meeting dated 28th Sept. 2015 in accordance with SEBI (ICDR) Regulations 2009 on preferential basis. Total amount received by Bank on this account is Rs. 1786 Crores
  • Details of Investor's complaints for the quarter ended 30.09.2015: Pending at Beginning - Nil; Received -302; Disposed off - 302; Closing - Nil
    Liquidity Coverage Ratio (LCR) for Quarter ended 30th September 2015 PDF file that opens in new window. To know how to open PDF file refer Help section located at bottom of the site. (14.3 KB)
  • Statement of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 30th Sept 2015 Reviewed As on 30th Sept 2014 Reviewed
Capital 462,09 430,68
Reserves and Surplus 42849,71 38204,23
Deposits 612457,79 566925,87
Borrowings 35266,51 35494,19
Other Liabilities and Provisions 20496,76 18707,56
Total 711532,86 659762,53

Assets

Title As on 30th Sept 2015 Reviewed As on 30th Sept 2014 Reviewed
Cash and Balances with Reserve Bank of India 23968,07 17445,99
Balances with Banks and Money at Call and Short Notice 110810,21 112834,07
Investments 137380,84 126114,41
Advances 414899,78 385766,26
Fixed Assets 3004,10 2795,30
Other Assets 21469,86 14806,50
Total 711532,86 659762,53

The figures of previous period 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, 2015

Part A - Business Segments

Particulars Quarter Ended 30.09.2015 Reviewed Quarter Ended 30.06.2015 Reviewed Quarter Ended 30.09.2014 Reviewed Half Year Ended 30.09.2015 Reviewed Half Year Ended 30.09.2014 Reviewed Year Ended 31.03.2015 Audited
Segment Revenue
Treasury Operations 3881,64 3616,33 3402,67 7497,97 6737,52 13905,38
Wholesale Banking 5234,22 5628,33 5539,84 10862,55 10927,92 21465,60
Retail Banking 3184,03 2998,30 2873,14 6182,33 5832,05 11932,16
Other Banking Operations 51 76 1,67 1,27 2,33 62,41
Total Revenue 12300,40 12243,72 11817,32 24544,12 23499,82 47365,55
Segment Results
Treasury Operations 628,81 539,04 539,42 1167,85 1756,50 3332,69
Wholesale Banking (361,50) 1045,14 723,88 683,64 1022,52 936,42
Retail Banking 682,65 729,50 766,63 1412,15 1683,07 3005,45
Other Banking Operations 41 59 1,32 1,00 1,85 49,53
Total 950,37 2314,27 2031,25 3264,64 4463,94 7324,09
Unallocated Expenditure 505,05 712,06 516,36 1217,11 996,16 1903,49
Profit before Tax 445,32 1602,21 1514,89 2047,53 3467,78 5420,60
Provision for Tax 320,84 550,06 410,67 870,90 1001,68 2022,17
Net Profit 124,48 1052,15 1104,22 1176,63 2466,10 3398,43
Capital Employed
Treasury Operations 16982,71 15987,36 15188,94 16982,71 15188,94 15127,87
Wholesale Banking 19546,65 18866,36 17641,85 19546,65 17641,85 18740,38
Retail Banking 6316,97 5829,39 5379,79 6316,97 5379,79 5548,14
Other Banking Operations - - - - - -
Unallocated 465,47 460,96 424,33 465,47 424,33 418,96
Total Capital Employed 43311,80 41144,07 38634,91 43311,80 38634,91 39835,35

Part B - Geographic Segments

Particulars Quarter Ended 30.09.2015 Reviewed Quarter Ended 30.06.2015 Reviewed Quarter Ended 30.09.2014 Reviewed Half Year Ended 30.09.2015 Reviewed Half Year Ended 30.09.2014 Reviewed Year Ended 31.03.2015 Audited
Revenue
Domestic 10986,68 10992,95 10395,44 21979,63 20641,96 41854,04
International 1313,72 1250,77 1421,88 2564,49 2857,85 5511,51
Total 12300,40 12243,72 11817,32 24544,12 23499,81 47365,55
Assets
Domestic 472824,92 464221,79 431363,06 472824,92 431363,06 464871,39
International 238707,94 231476,66 228399,47 238707,94 228399,47 250117,16
Total 711532,86 695698,45 659762,53 711532,86 659762,53 714988,55

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.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • The figures of previous period/ year have been regrouped/ rearranged wherever necessary so as to make them comparable with those of the current period.
B. B. Joshi
Executive Director		 P. S. Jayakumar
Managing Director & CEO		 Ravi Venkatesan
Chairman

Place : Mumbai
Date : 06.11.2015

Unaudited Financial Results for the Quarter ended 30th June, 2015 .

Sr. No. Particulars Quarter Ended 30.06.2015 Reviewed Quarter Ended 31.03.2015 Audited Quarter Ended 30.06.2014 Reviewed Year ended 31.03.2015 Audited
1 Interest earned (a)+(b)+(c)+(d) 11276,49 10761,93 10657,96 42963,55
(a) Interest /discount on advances/bills 8032,71 7539,62 7740,35 30802,68
(b) Income on investments 2650,64 2628,76 2260,53 9701,07
(c) Interest on balances with Reserve Bank of India and other inter bank funds 296,05 286,63 453,09 1549,79
(d) Others 297,09 306,92 203,99 910,01
2 Other Income 967,23 1295,46 1024,54 4402,00
3 Total Income (1 + 2) 12243,72 12057,39 11682,50 47365,55
4 Interest Expended 7816,87 7590,26 7329,65 29776,32
5 Operating Expenses (a) + (b) 2224,90 1773,60 1873,25 7674,13
(a) Employees cost 1345,08 928,24 1105,50 4261,35
(b) Other operating expenses 879,82 845,36 767,75 3412,78
6 Total Expenditure (4+5) excluding provisions and contingencies 10041,77 9363,86 9202,90 37450,45
7 Operating Profit before Provisions and Contingencies (3-6) 2201,95 2693,53 2479,60 9915,10
8 Provisions (other than tax) and Contingencies 599,74 1817,50 526,71 4494,50
9 Exceptional Items - - - -
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 1602,21 876,03 1952,89 5420,60
11 Tax expenses 550,06 277,68 591,01 2022,17
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 1052,15 598,35 1361,88 3398,43
13 Extraordinary items (net of tax expenses) - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 1052,15 598,35 1361,88 3398,43
15 Paid-up equity share capital (Face Value of Rs. 2 each) 443,56 443,56 430,68 443,56
16 Reserve excluding Revaluation Reserve - - - 38404,49
17 Analytical Ratios
i) Percentage of shares held by Government of India 57.53 57.53 56.26 57.53
ii) Capital Adequacy Ratio
a Capital Adequacy Ratio (%)- Basel-II 12.74 13.33 12.50 13.33
b Capital Adequacy Ratio (%)- Basel-III 11.98 12.60 11.91 12.60
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 4.76 2.79 6.34 15.83
iv) NPA Ratios
(a) Gross NPA 17273,95 16261,45 12086,81 16261,45
Net NPA 8470,02 8069,49 6020,78 8069,49
(b) % of Gross NPA 4.13 3.72 3.11 3.72
% of Net NPA 2.07 1.89 1.58 1.89
v) Return on Assets (annualized) % 0.60 0.35 0.83 0.49
18 Public Shareholding
- No. of shares 93,92,19,020 93,92,19,020 93,92,19,020 93,92,19,020
- Percentage of shareholding 42.47 42.47 43.74 42.47
19 Promoters and promoter group Shareholding 127,22,76,886 127,22,76,886 120,78,56,415 127,22,76,886
(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 127,22,76,886 127,22,76,886 120,78,56,415 127,22,76,886
- 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) 57.53 57.53 56.26 57.53

Notes forming part of the Unaudited financial results for the Quarter ended 30th June, 2015

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on 29th July 2015 and approved by the Board of Directors in their meeting held on 30th July 2015. The same have been subjected to Limited Review by the Statutory Central Auditors of the Bank, in line with the guidelines issued by Reserve Bank of India and as per the requirement of listing agreement with Stock Exchanges.
  • The above results for the quarter ended 30th June 2015 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2015.
  • The figures for the quarter ended 31st March, 2015 are the balancing figure between audited figures in respect of the full financial year and the reviewed year to date figures upto the end of the third quarter of the financial year 2014-15.
  • Consequent upon wage revision effective from 1st November 2012, pending final payment, an estimated provision of Rs.1313.46 Crs is held on 30th june 2015 on account of wage revision and employee benefit (AS-15) for wage revision, which includes Rs.262.73 Crs provision made in current quarter.
  • The financial results for the quarter ended 30th June 2015 have been arrived at after considering provision for Non performing Assets, Standard Assets, Restructured Assets and depreciation / provision for Investments on the basis of prudential norms and specific guidelines 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 is 64.94 % as on 30th June, 2015.
  • Details of Investor's complaints for the quarter ended 30th June 2015: Pending at Beginning - Nil; Received -296; Disposed off - 296; Closing - Nil
  • Statement of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 30th June 2015 Reviewed As on 30th June 2014 Reviewed
Capital 443,56 430,68
Reserves and Surplus 40700,51 36979,73
Deposits 593087,21 551649,09
Borrowings 36838,82 37214,10
Other Liabilities and Provisions 24628,35 20215,97
Total 695698,45 646489,57

Assets

Title As on 30th June 2015 Reviewed As on 30th June 2014 Reviewed
Cash and Balances with Reserve Bank of India 20441,94 17978,67
Balances with Banks and Money at Call and Short Notice 108955,95 109894,15
Investments 140878,19 121652,12
Advances 408388,13 381772,27
Fixed Assets 2962,89 2779,60
Other Assets 14071,35 12412,76
Total 695698,45 646489,57

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

Segment reporting for the Quarter 30th June, 2015

Part A - Business Segments

Particulars Quarter Ended 30.06.2015 Reviewed Quarter Ended 31.03.2015 Audited Quarter Ended 30.06.2014 Reviewed Year Ended 31.03.2015 Audited
Segment Revenue
Treasury Operations 3616,33 3711,92 3334,85 13905,38
Wholesale Banking 5628,33 5174,26 5388,08 21465,60
Retail Banking 2997,76 3110,44 2958,91 11932,16
Other Banking Operations 1,30 60,77 66 62,41
Total Revenue 12243,72 12057,39 11682,50 47365,55
Segment Results
Treasury Operations 539,04 790,63 1217,07 3332,69
Wholesale Banking 1045,14 (113,48) 298,64 936,42
Retail Banking 729,07 501,39 916,44 3005,45
Other Banking Operations 1,02 48,23 53 49,53
Total 2314,27 1226,77 2432,68 7324,09
Unallocated Expenditure 712,06 350,74 479,79 1903,49
Profit before Tax 1602,21 876,03 1952,89 5420,60
Provision for Tax 550,06 277,68 591,01 2022,17
Net Profit 1052,15 598,35 1361,88 3398,43
Capital Employed
Treasury Operations 15987,36 15127,87 14421,15 15127,87
Wholesale Banking 18866,36 18740,38 17495,25 18740,38
Retail Banking 5829,39 5548,14 5075,05 5548,14
Other Banking Operations - - - -
Unallocated 460,96 418,96 418,96 418,96
Total Capital Employed 41144,07 39835,35 37410,41 39835,35

Part B - Geographic Segments

Particulars Quarter Ended 30.06.2015 Reviewed Quarter Ended 31.03.2015 Audited Quarter Ended 30.06.2014 Reviewed Year Ended 31.03.2015 Audited
Revenue
Domestic 10992,95 10770,33 10246,52 41854,04
International 1250,77 1287,06 1435,98 5511,51
Total 12243,72 12057,39 11682,50 47365,55
Assets
Domestic 464221,79 464871,39 419761,98 464871,39
International 231476,66 250117,16 226727,59 250117,16
Total 695698,45 714988,55 646489,57 714988,55

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.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • The figures of previous period/ year have been regrouped/ rearranged wherever necessary so as to make them comparable with those of the current period.
K V Rama moorthy
Executive Director		 B B Joshi
Executive Director		 Ranjan Dhawan
Managing Director & CEO

Place : Mumbai
Date : 30.07.2015

Audited Financial Results for the Quarter/Year ended 31st March, 2015

Sr. No. Particulars Quarter Ended (Standalone) 31.03.2015 Audited Quarter Ended (Standalone) 31.12.2014 Reviewed Quarter Ended (Standalone) 31.03.2014 Audited Year Ended (Standalone) 31.03.2015 Audited Year Ended (Standalone) 31.03.2014 Audited Year Ended (Consolidated) 31.03.2015 Audited Year Ended (Consolidated) 31.03.2014 Audited
1 Interest earned (a)+(b)+(c)+(d) 10761,93 10717,99 10288,59 42963,55 38939,71 44914,96 40462,90
(a) Interest /discount on advances/bills 7539,62 7715,29 7316,18 30802,68 27878,09 31669,36 28656,55
(b) Income on investments 2628,76 2463,57 2199,96 9701,07 8695,99 10603,54 9293,97
(c) Interest on balances with Reserve Bank of India and other inter bank funds 286,63 366,65 495,50 1549,79 1533,86 1717,63 1671,25
(d) Others 306,92 172,48 276,95 910,01 831,77 924,43 841,13
2 Other Income 1295,46 1090,35 1326,26 4402,00 4462,74 5449,27 5555,15
3 Total Income (1 + 2) 12057,39 11808,34 11614,85 47365,55 43402,45 50364,23 46018,05
4 Interest Expended 7590,26 7431,85 7164,27 29776,32 26974,36 30546,61 27604,43
5 Operating Expenses (a) + (b) 1773,60 2037,45 1871,03 7674,13 7074,87 8604,41 7530,09
(a) Employees cost 928,24 1119,78 1039,89 4261,35 4139,73 4476,97 4334,61
(b) Other operating expenses 845,36 917,67 831,14 3412,78 2935,14 4127,44 3195,48
6 Total Expenditure (4+5) excluding provisions and contingencies 9363,86 9469,30 9035,30 37450,45 34049,23 39151,02 35134,52
7 Operating Profit before Provisions and Contingencies (3-6) 2693,53 2339,04 2579,55 9915,10 9353,22 11213,21 10883,53
8 Provisions (other than tax) and Contingencies 1817,50 1262,25 1153,15 4494,50 3793,71 5229,98 4824,94
9 Exceptional Items - - 15,55 - 62,20 - 62,20
10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 876,03 1076,79 1410,85 5420,60 5497,31 5983,23 5996,39
11 Tax expenses 277,68 742,81 253,58 2022,17 956,23 2150,54 1065,15
12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 598,35 333,98 1157,27 3398,43 4541,08 3832,69 4931,24
Less: Minority Interest NA NA NA NA NA 38,69 35,68
Add: Share of earnings in Associates NA NA NA NA NA 117,73 105,17
13 Extraordinary items (net of tax expenses) - - - - - - -
14 Net Profit (+) / Loss (-) for the period (12-13) 598,35 333,98 1157,27 3398,43 4541,08 3911,73 5000,73
15 Paid-up equity share capital (Face Value of Rs. 2 each) 443,56 430,68 430,68 443,56 430,68 443,56 430,68
16 Reserve excluding Revaluation Reserve - - - 38404,49 34502,39 40573,71 36349,21
17 Analytical Ratios
i) Percentage of shares held by Government of India 57.53 56.26 56.26 57.53 56.26 57.53 56.26
ii) Capital Adequacy Ratio
a Capital Adequacy Ratio (%)- Basel-II 13.33 12.94 12.87 13.33 12.87 13.90 13.41
b Capital Adequacy Ratio (%)- Basel-III 12.60 12.42 12.28 12.60 12.28 13.07 12.71
iii) Earnings Per Share
Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 2.79 1.56 5.41 15.83 21.48 18.22 23.65
iv) NPA Ratios
(a) Gross NPA 16261,45 15452,96 11875,90 16261,45 11875,90
Net NPA 8069,49 8291,25 6034,76 8069,49 6034,76
(b) % of Gross NPA 3.72 3.85 2.94 3.72 2.94
% of Net NPA 1.89 2.11 1.52 1.89 1.52
v) Return on Assets (annualized) % 0.35 0.20 0.74 0.49 0.75
18 Public Shareholding
- No. of shares 93,92,19,020 93,92,19,020 93,92,19,020 93,92,19,020 93,92,19,020
- Percentage of shareholding 42.47 43.74 43.74 42.47 43.74
19 Promoters and promoter group Shareholding 127,22,76,886 120,78,56,415 120,78,56,415 127,22,76,886 120,78,56,415
(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 127,22,76,886 120,78,56,415 120,78,56,415 127,22,76,886 120,78,56,415
- 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 bank) 57.53 56.26 56.26 57.53 56.26

Notes forming part of the audited financial results for the Quarter/Year ended 31st March, 2015

  • The above financial results have been reviewed by the Audit Committee of Board in their meeting held on 10th May 2015 and approved by the Board of Directors in their meeting held on 11th May 2015. The same have been subjected to Audit by the Statutory Central Auditors of the Bank, in line with the guidelines issued by Reserve Bank of India and as per the requirement of listing agreement with Stock Exchanges.
  • The above results for the quarter / year ended 31st March 2015 have been prepared following the same accounting policy as those followed in the annual financial statements for the year ended 31st March, 2014, except with regard to change in depreciation on fixed assets in compliance with companies Act 2013 and forex contracts outstanding as at Balance Sheet date, Held for Trading are marked to market, resultant Profit/ Loss is included in Profit.
  • The figures for the quarter ended 31st March, 2015 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figure between audited figures in respect of the full financial year and the reviewed year to date figures upto the end of the third quarter of the relevant financial year.
  • 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 Mar 2015. The pension fund liability is now fully charged to Profit & Loss Account.
  • The financial results for the quarter / year ended 31st March 2015 have been arrived at after considering provision for Non performing Assets, Standard Assets, Restructured Assets and depreciation / provision for Investments on the basis of prudential norms and specific guidelines 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 additional ad-hoc provision of Rs.340.56 Crores during the year (during the quarter -NIL-) in certain non performing domestic advance accounts.
  • As approved by the Board of the Bank in its meeting held on 6th November 2014, face value of the existing one equity share of Rs. 10/- each fully paid up is sub divided in to five equity shares of Rs. 2/- each fully paid up. The record date for the sub division was 23rd January 2015.
  • During the year Bank has allotted 6,44,20,471 shares of Rs. 2/- each fully paid up at a premium of Rs. 193.59 per share to the Government of India as approved by shareholders in the extra-ordinary General Meeting dated 26th January 2015 in accordance with (regulation 76 (1) of SEBI Disclosure Requirements) Regulations 2009 on preferencial basis. Total amount received by Bank on this account is Rs. 1260 Crores
  • Non Performing Loan Provisioning Coverage Ratio is 64.99 % as on 31st March, 2015.
  • During the year the Bank has sold financial Assets with net book value of Rs. 185.54 Crores to Assets reconstruction companies on cash and Security receipt basis in accordance with RBI guidelines (during the quarter -NIL-). The security receipts are treated as non SLR Investments.
  • Tax expenses for the year ended March 2015 includes an amount of Rs. 374.86 Crores (during the quarter- nil-) levied by Dubai Income Tax Authorities, pertaining to earlier years. In addition, penalty of Rs. 38.44 Crores (during the quarter -nil-) was also levied by the tax authority, which is included in other operating expenses.
  • During the year penalty of Rs. 0.25 Crs(during the quarter -nil-) was levied by Reserve Bank of India on the Bank for non compliance of KYC norms. In overseas Operations, a penalty of Rs. 2.33 Crores (during the quarter -nil-) was paid to Central Bank of UAE for breach of wage protection system and Rs. 0.16 Crores (during the quarter -nil-) to Central Bank of China for breaching the short term debt limits.
  • In terms of RBI circular DBR.No.BP.BC.79/21.04.048/2014-15 dated 30.03.2015 Banks were allowed to utilise 50% of floating provision held by them as on 31.12.2014 for making specific provision for non performing assets. Bank has utilised the floating provision Rs.425 Crores out of Rs. 850 crores held as at 31.12.2014 for making specific provision for NPAs.
  • An amount of Rs. 625 Crores has been provided during the year towards wage revision, due from 01.11.2012, pending final outcome of negotiation with IBA. Total provision towards wage revision as at 31.03.2015 is Rs. 1050 Crores.
  • The Board of Directors has proposed a dividend of Rs. 3.20 per share (face value Rs. 2/-) i.e. 160% subject to approval of shareholders.
  • Details of Investor's complaints for the quarter ended 31.03.2015: Pending at Beginning - Nil; Received -262; Disposed off - 262; Closing - Nil
  • Statement of Assets & Liabilities is as under:-

Capital & Liabilities

Title As on 31st March 2015 Audited As on 31st March 2014 Audited
Capital 443,56 430,68
Reserves and Surplus 39391,79 35555,00
Deposits 617559,52 568894,39
Borrowings 35264,28 36812,97
Other Liabilities and Provisions 22329,40 17811,49
Total 714988,55 659504,53

Assets

Title As on 31st March 2015 Audited As on 31st March 2014 Audited
Cash and Balances with Reserve Bank of India 22488,60 18629,09
Balances with Banks and Money at Call and Short Notice 125864,55 112248,82
Investments 122319,72 116112,66
Advances 428065,14 397005,81
Fixed Assets 2874,85 2734,12
Other Assets 13375,69 12774,03
Total 714988,55 659504,53

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 /Year ended 31st March, 2015

Part A - Business Segments

Particulars Quarter Ended (Standalone) 31.03.2015 Audited Quarter Ended (Standalone) 31.12.2014 Reviewed Quarter Ended (Standalone) 31.03.2014 Audited Year Ended (Standalone) 31.03.2015 Audited Year Ended (Standalone) 31.03.2014 Audited Year Ended (Consolidated) 31.03.2015 Audited Year Ended (Consolidated) 31.03.2014 Audited
Segment Revenue
Treasury Operations 3711,92 3455,94 3173,05 13905,38 12534,14 14562,86 13066,95
Wholesale Banking 5174,26 5363,42 5275,15 21465,60 19850,58 22025,24 20363,60
Retail Banking 3110,44 2987,34 3070,56 11932,16 10920,45 12488,89 11367,59
Other Banking Operations 60,77 1,64 96,09 62,41 97,28 1287,25 1219,91
Total Revenue 12057,39 11808,34 11614,85 47365,55 43402,45 50364,24 46018,05
Segment Results
Treasury Operations 790,63 785,56 388,85 3332,69 2256,24 3563,83 2455,10
Wholesale Banking (113,48) 60,82 727,34 936,42 2079,88 1120,41 2276,22
Retail Banking 501,39 785,70 511,19 3005,45 2472,28 3144,22 2600,93
Other Banking Operations 48,23 1,30 74,66 49,53 75,59 173,26 149,95
Total 1226,77 1633,38 1702,05 7324,09 6883,99 8001,72 7482,20
Unallocated Expenditure 350,74 556,59 291,19 1903,49 1386,68 1939,45 1416,32
Profit before Tax 876,03 1076,79 1410,86 5420,60 5497,31 6062,27 6065,88
Provision for Tax 277,68 742,81 253,59 2022,17 956,23 2150,54 1065,15
Net Profit 598,35 333,98 1157,27 3398,43 4541,08 3911,73 5000,73
Capital Employed
Treasury Operations 15127,87 14776,74 13502,34 15127,87 13502,34 16035,05 14286,87
Wholesale Banking 18740,38 18179,36 17318,62 18740,38 17318,62 19485,84 17978,83
Retail Banking 5548,14 5694,61 4775,11 5548,14 4775,11 5937,31 5100,99
Other Banking Operations - - - - - 127,31 78,74
Unallocated 418,96 446,27 389,61 418,96 389,61 432,14 401,39
Total Capital Employed 39835,35 39096,98 35985,68 39835,35 35985,68 42017,65 37846,82

Part B - Geographic Segments

Particulars Quarter Ended (Standalone) 31.03.2015 Audited Quarter Ended (Standalone) 31.12.2014 Reviewed Quarter Ended (Standalone) 31.03.2014 Audited Year Ended (Standalone) 31.03.2015 Audited Year Ended (Standalone) 31.03.2014 Audited Year Ended (Consolidated) 31.03.2015 Audited Year Ended (Consolidated) 31.03.2014 Audited
Revenue
Domestic 10770,33 10441,75 10294,20 41854,04 38421,82 43794,36 40106,45
International 1287,06 1366,59 1320,65 5511,51 4980,63 6569,88 5911,60
Total 12057,39 11808,34 11614,85 47365,55 43402,45 50364,24 46018,05
Assets
Domestic 464871,39 435507,52 427952,61 464871,39 427952,61 473707,41 435162,42
International 250117,16 221370,51 231551,92 250117,16 231551,92 260269,97 240951,69
Total 714988,55 656878,03 659504,53 714988,55 659504,53 733977,38 676114,11

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.
  • Capital employed for each segment has been allocated proportionate to the assets of the segment.
  • The figures of previous period/ year have been regrouped/ rearranged wherever necessary so as to make them comparable with those of the current period.
K V Rama moorthy
Executive Director		 Ranjan Dhawan
Managing Director & CEO

Place : Mumbai
Date : 11.05.2015

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