|
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED
MARCH 31, 1998
(Rupees in crores)
|
Sr.
No.
|
Particulars
|
For
the year ended March 31, 1998
|
Previous
year ended March 31, 1997
|
|
1.
|
Interest
income |
259.70
|
182.68
|
|
2.
|
Other income |
85.05
|
42.62
|
|
3.
|
Total income |
344.75
|
225.30
|
|
4.
|
Interest
expenditure |
186.68
|
117.09
|
|
5.
|
Other expenditure |
43.14
|
32.25
|
|
6.
|
Total
expenditure |
229.82
|
149.34
|
|
7.
|
Gross profit
before provisions, taxes and depreciation |
114.93
|
75.96
|
|
8.
|
Depreciation
on fixed assets |
14.47
|
8.24
|
|
9.
|
Profit before
provisions, contingencies and taxes |
100.46
|
67.72
|
|
10.
|
Provision
for tax |
22.78
|
17.05
|
|
11.
|
Provision
for depreciation on investments (see Note No. 4) |
13.80
|
5.45
|
|
12.
|
Other provisions
and contingencies |
13.66
|
5.10
|
|
13.
|
Profit after
tax |
50.22
|
40.12
|
|
14.
|
Paid up
Share Capital |
165.00
|
150.00
|
|
15.
|
Reserves
(excluding Revaluation Reserves) |
101.75
|
31.88
|
|
16.
|
Total deposits |
2,629.02
|
1,347.60
|
|
17.
|
Total advances |
1,127.87
|
798.00
|
|
Notes :
| 1. |
The figures for
the previous year ended March 31, 1997 have been regrouped and reclassified
wherever necessary. |
| 2. |
The above results
have been taken on record by the Board of Directors of the Bank
at its meeting held on April 22, 1998. |
| 3. |
The Board of Directors
have recommended a idend of Re 1/- per equity share (10 per cent)
on pro rata basis for the year ended March 31, 1998. |
| 4. |
Of the amount of
Rs. 13.80 crores as provision for depreciation on investments, Rs.
12.13 crores (Rs. 2.08 crores in the previous year) is on account
of SLR securities yield on which is calculated as per the YTM prescribed
by the Reserve Bank of India as at March 31, 1998. As per the security
price list issued by the RBI on April 3, 1998, depreciation provided
as on March 31, 1998 to the extent of Rs. 10.32 crores has been
recouped. |
| 5. |
Actual performance
vis-à-vis the forecast of estimated profits for the financial year
ended March 31, 1998 made in the Offer Document dated June 30, 1997,
in terms of Clause 43 of the Listing Agreement is given hereunder
: |
(Rupees in crores)
|
Sr. No.
|
Particulars
|
Actual
|
Forecast
|
|
1.
|
Interest
income |
259.70
|
252.04
|
|
2.
|
Interest
expenditure |
186.68
|
160.04
|
|
3.
|
Net interest
income |
73.02
|
92.00
|
|
4.
|
Other income |
85.05
|
52.44
|
|
5.
|
Net income |
158.07
|
144.44
|
|
6.
|
Operating
expenses |
43.14
|
34.41
|
|
7.
|
Profit before
provisions, taxes and depreciation |
114.93
|
110.03
|
|
8.
|
Depreciation
on fixed assets |
14.47
|
15.05
|
|
9.
|
Profit before
provisions, contingencies and taxes |
100.46
|
94.98
|
|
10.
|
Provisions,
contingencies and taxes |
50.24
|
39.90
|
|
11.
|
Profit after
tax |
50.22
|
55.08
|
|
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|