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News Release

July 21, 2001

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2001

 Sr.  No.

Particulars

 Quarter ended
 Year ended Mar 31, 2001
June 30,2001
 June 30,2000
1

Interest earned (a)+(b)+(c)+(d)

 468.31
 283.56
 1,242.13
 

a) Interest/discount on advances/bills

 189.66
 118.5
 570.91
 

b) Income on investments

 239.04
 126.93
 555.73
 

c) Interest on balances with Reserve Bank of India and other interbank funds

 32.91
 37.19
 108.67
 

d) Others

 6.70
 0.94
 6.82
2

Other Income

 127.18
 31.23
 220.01
 

A) TOTAL INCOME (1) + (2)

 595.49
 314.79
 1,462.14
3

Interest Expended

 318.61
 198.19
 837.67
4

Operating Expenses (e) + (f)

 138.21
 54.73
 334.30
 

e) Payments to and provisions for employees

 32.72
 12.03
 51.71
 

f) Other operating expenses

 105.49
 42.70
 282.59
B) TOTAL EXPENDITURE (3)+ (4)
(excluding provisions and contingencies)
456.82
 252.92
 1,171.97
5
OPERATING PROFIT (A-B)
(Profit before provisions and contingencies)
138.67
 61.87
 290.17
6

Other provision and contingencies (net)

 45.66
 14.07
 63.65
7
Provision for taxes
 27.76
 7.66
 65.42
8

F) Net Profit (5-6-7)

 65.25
 40.14
 161.10
9

Paid-up equity share capital

 220.36
 196.82
 220.36
10

Reserves excluding revaluation reserves

 1,092.26
 992.82
 1,092.26
11

Analytical Ratios

 
 
 
 

(i) Percentage of shares held by Government of India

 ..
 ..
 ..
 

(ii) Capital Adequacy Ratio

 12.53%
 19.24%
 11.57%
 

(iii) Earnings per share for the period/year (in Rs.) (basic and diluted)

 2.96
 2.04
 8.13
12

Aggregate of Non-Promoter Shareholding

 
 
 
 

No. of shares

 11,89,62,731
 7,43,13,080
 11,68,16,231
 

Percentage of shareholding

 53.99
 37.76
 53.01

 

Notes:

1. The results for Q1 2002 include the results of erstwhile Bank of Madura on their merger with us effective
    March 10, 2001. The results are not therefore comparable with earlier periods.
2. Provision for taxes has been arrived at as per Accounting Standard 22.
3. Net non-performing assets to advances (including credit substitutes) is 1.31 % (Previous year 1.44 % )



Financial results under US GAAP accounting (Rupees in crores)
 Particulars  Quarter ended (unaudited)  Year ended (audited)
 June 30,2001
 June 30,2000
 March 31, 2001
 Net income under US GAAP
 56.20
 44.60
 130.84
 Reconciliation between US GAAP and Accounting Standards followed in India
 Profit under Indian GAAP
 65.25
 40.14
 161.10
 Deferred taxation
 (4.24)
 1.06
 44.21
 Loan impairment
 (2.20)
 (3.96)
 (39.53)
 Mark to Market impact on investments
 (2.21)
 3.89
 (40.59)
 ADR Issue expenditure charged to P & L A/c
 2.55
 2.45
 10.47
 Others
 (2.95)
 1.02
 (4.82)
 Profit under US GAAP
 56.2
 44.60
 130.84

The above financial results have been taken on record by the Board of Directors of the Bank at its meeting held on July 21, 2001.

Place: Mumbai
Date: July 21, 2001
H. N.Sinor
Managing Director &
Chief Executive Officer