|
STATE BANK OF SAURASHTRA
|
|
(ASSOCIATE
OF THE STATE BANK OF INDIA)
|
|
HEAD
OFFICE :: BHAVNAGAR
|
| AUDITEDFINANCIAL
RESULTS FOR THE PERIOD ENDED 31ST MARCH,
2008 |
| |
(RS.IN
LACS) |
|
PARTICULARS
|
QUARTER
ENDED
|
YEAR
ENDED
|
|
|
31.03.2008
(AUDITED) |
31.03.2007
(AUDITED) |
31.03.2008
(AUDITED) |
31.03.2007
(AUDITED) |
| 1 |
Interest
earned |
44349.63 |
36175.64 |
155790.88 |
129541.11 |
|
(a)+(b)+(c)+(d) |
|
|
|
|
| (a) |
Interest/Discount
on advances/ bills |
30853.17 |
23795.30 |
114947.42 |
81557.43 |
| (b) |
Income
on Investments |
10965.69 |
10488.16 |
37357.11 |
45134.08 |
| (c
) |
Interest
on balances with Reserve Bank of India
& other Inter Bank funds |
142.82 |
1239.52 |
651.87 |
2065.75 |
|
|
|
|
|
| (d) |
Others |
2387.95 |
652.66 |
2834.48 |
783.85 |
| 2 |
Other
Income |
7501.70 |
5347.79 |
20683.70 |
15666.59 |
| A. |
TOTAL
INCOME (1+2) |
51851.33 |
41523.43 |
176474.58 |
145207.70 |
| 3 |
Interest
expended |
32779.18 |
24924.87 |
119412.47 |
87722.21 |
| 4 |
Operating
Expenses (e) + (f) |
11631.30 |
8643.24 |
39377.28 |
32604.18 |
| (e) |
Payments
to and provisions for employees |
6604.99 |
6172.33 |
23552.32 |
21758.62 |
| (f) |
Other
operating expenses |
5026.31 |
2470.91 |
15824.96 |
10845.56 |
| B. |
TOTAL
EXPENDITURE (3) + (4) |
44410.48 |
33568.11 |
158789.75 |
120326.39 |
|
(excluding
provisons and contingencies) |
|
|
|
|
| C. |
OPERATING
PROFIT (A-B) |
7440.85 |
7955.32 |
17684.83 |
24881.31 |
|
(Profit
before provisions and contingencies) |
|
|
|
|
| D. |
Provisions
& contingencies |
3490.04 |
3325.30 |
9336.13 |
10837.53 |
|
--
Of which provisions for Non Performing
Assets |
901.32 |
445.84 |
4997.07 |
813.00 |
|
|
|
|
|
|
| E. |
Provision
for taxes |
1214.25 |
1384.30 |
3150.25 |
5300.30 |
| F. |
Net
profit for the period (C-D-E) |
2736.56 |
3245.72 |
5198.45 |
8743.48 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Paid-up
equity share capital. |
48900.00 |
31400.00 |
48900.00 |
31400.00 |
| 6 |
Reserves
excluding revaluationreserves |
54035.72 |
60943.11 |
54035.72 |
60943.11 |
|
(as
per balance sheet of previous accounting
year) |
|
|
|
|
| 7 |
Analytical
Ratios |
|
|
|
|
| (i) |
Percentage
of shares held by |
NIL |
NIL |
NIL |
NIL |
|
Government
of India |
|
|
|
|
| (ii) |
Capital
Adequacy Ratio |
12.71 |
12.78 |
12.71 |
12.78 |
| (iii) |
Earning
per share (In rupees) (not annualised) |
5.60 |
10.34 |
10.63 |
27.85 |
| iv.
(a) |
Amount
of Gross Non Performing Assets. |
17890.00 |
12820.00 |
17890.00 |
12820.00 |
| (b) |
Amount
of Net Non Performing Assets. |
11094.00 |
7751.00 |
11094.00 |
7751.00 |
| (c
) |
%
of gross NPAs |
1.45 |
1.15 |
1.45 |
1.15 |
| (d) |
%
of net NPAs |
0.91 |
0.70 |
0.91 |
0.70 |
| (v) |
Return
on Assets (Annualised) |
0.59 |
0.69 |
0.28 |
0.46 |
|
| Audited
Segment Reporting for the period ended
31stMarch, 2008 |
|
Treasury |
Corporate/
Wholesale Banking |
Retail
Banking |
Banking
Operations |
Total |
|
Current
Year |
Previous
Year |
Current
Year |
Current
Year |
Previous
Year |
Current
Year |
Previous
Year |
| 1.Revenue |
429.76 |
477.83 |
471.68 |
863.31 |
974.25 |
1764.75 |
1452.08 |
| 2.Segment
Result |
-107.65 |
-65.62 |
66.43 |
163.16 |
222.35 |
121.94 |
156.73 |
| 3.Unallocated
expenses |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
38.46 |
16.30 |
| 4.Provisions
for tax |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
31.50 |
52.99 |
| 5.Net
Profit |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
51.98 |
87.44 |
| Other
Information: |
|
|
|
|
|
|
|
| Segment
Assets |
8146.19 |
7093.05 |
6418.91 |
6357.24 |
11403.53 |
20922.34 |
18496.58 |
| Unallocated
assets |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
436.10 |
350.25 |
| Total
Assets |
8146.19 |
7093.05 |
6418.91 |
6357.24 |
11403.53 |
21358.44 |
18846.83 |
| Segment
Liabilities |
7309.33 |
7481.23 |
6209.40 |
6269.64 |
11306.46 |
19788.37 |
18787.69 |
| Unallocated
Liabilities |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
xxxxxxxxx |
1570.07 |
59.14 |
| Total
Liabilities |
7309.33 |
7481.23 |
6209.40 |
6269.64 |
11306.46 |
21358.44 |
18846.83 |
| The
previous years figures have not beenbifurcated,
hence not comparable. |
|
| NOTES: |
| 1.The proposal of merger of the bank
with its parent bank namely State Bank
of India has been approved by the respective
Boards ofBanks on 25th August 2007.Theeffects
of the merger will be taken into account
once the proposal is approved by the Ministry
of Finance, Government of India and Reserve
Bank of India and on completion of all
other formalities of merger. |
| 2.During this financial year the
capital of the Bank was augmented by Rs.175.00
crores by infusion of fresh equity capital
by State Bank Of India. |
| 3.The Bank has adopted AS 15 (Rev.2005)
"Employee Benefits" from 1st
April, 2007.The bank has exercised the
option ofcharging the additional obligation
arising out of adoption of AS-15 (Rev.2005)
to Revenue and Other Reserves. Consequently,
Revenue and Other Reserves were drawn
down to the extent of Rs.121.06 crores
( net of tax expense of Rs.58.12 crores). |
| 4.The Bank has implemented New Capital
Adequacy Framework (Basel-II) w.e.f. 31.03.2008.
Accordingly, in terms of RBI guidelines,
the Bank has adopted Standardised Approach
for credit risk and Basic Indicator Approach
for operational risk. The Bank has also
continued to apply the Standardized Duration
Approach for computing capital requirement
for market risk. |
| 5.Advance
Income Tax/TDS to the extent of Rs.91.64
crore (previous year Rs.170.85 crore)
forming part of ‘Other Assets’ has been
adjusted by the Income-tax Department
against disputed income-tax demand of
Rs.91.64 crore (previous year Rs.325.65
crore). The same has not been provided
for pending disposal of appeal/reference
and the Bank expects favourable decision
since covered by earlier decisions in
favour of the Bank. |
| 6.The Bank had hitherto followed
the practice of charging interest on overdue
term deposits on cash basis in respect
of Term Deposits accepted prior to 01.11.2005
which is changed to accrual basis from
the current year. Owing to such change
a sum of Rs.24.87 crore being unprovided
interest on overdue term deposits is recognised
during the year. Consequently profit for
the year is reduced and liability increased
by the said amount. |
| 7.
The Bank is carrying a provision
of Rs.365.57 crore in respect of all problem
security transactions against the total
payment of Rs.563.63 crore made on this
account. The balance amount of Rs.198.06
crore has not been provided for as the
same is considered recoverable from other
counter parties. |
| 8.
Depreciation on Fixed Assets (included
in Operating Expenses) is net of incremental
depreciation on revalued assets.Theincremental
depreciationof Rs.3.38 crores is adjusted
against Revaluation Reserve. |
| 9.Inter-Branch Transactions, Accounts
with State Bank of India, Associate Banks,Draft
Payable Account, Nostro Accounts, System
Suspense Account,Clearing and Other Adjustment
Accountsare at various stages of reconciliation.The
impact of such unreconciled entries is
not considered to be material. |
| 10.In
conformity with RBI guidelines,amortisation
of premium on investments Rs.51.18 crore
is included in Schedule 13 - ‘Income on
Investments’ as a deduction and correspondingly
the value of security is reduced to that
extent .However, this has no impact on
profitthis year |
| 11.Business
segment is the primary segment of the
bank and disclosed accordingly. The entire
Indian operations are being treated as
a single reportable segment and hence
secondary/geographic segment is not considered
necessary. |
| 12.Previous
periods' figures are regrouped or rearranged
wherever considered necessary. |
| 13.The
above results have been approvedby the
Board of Directors of the Bank at their
meeting held on24.04.2008. |
| Place
: MUMBAI |
|
P.
CHAUDHURI |
| Date:
24.04.08 |
|
MANAGING
DIRECTOR |
