Axis Bank Regs Regulatory News (AXB)

15 Oct 2007 07:18

Axis Bank Limited15 October 2007 BOARD MEETING OF AXIS BANK TO CONSIDER UNAUDITED QUARTERLY / HALF YEARLY FINANCIAL RESULTS FOR THE QUARTER (Q2) / HALF YEAR (H1) ENDED 30TH SEPTEMBER, 2007 Pursuant to the provisions of clause 41 of the Listing Agreement, we encloseherewith a copy of the UNAUDITED QUARTERLY/HALF YEARLY FINANCIAL RESULTS FOR THEQUARTER (Q2)/HALF YEAR (H1) ENDED 30TH SEPTEMBER, 2007 of the Bank in theprescribed format. The said results are taken on record by the Board of Directors of the Bank atits meeting held today. We have already made necessary arrangements forpublication of the said results in the Newspapers. Axis Bank Regd. Office : 'Trishul', 3rd floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380 006. UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2007 (Rs. in crores) FOR THE FOR THE FOR THE FOR THE FOR THE QUARTER QUARTER HALF YEAR HALF YEAR YEAR PARTICULARS ENDED ENDED ENDED ENDED ENDED 30.09.2007 30.09.2006 30.09.2007 30.09.2006 31.03.2007 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Interest earned (a)+(b)+ 1,676.49 1,025.43 3,187.54 1,955.33 4,461.65 (c)+(d)(a) Interest/discount on 1,133.43 611.00 2,145.84 1,161.34 2,702.85 advances/bills(b) Income on Investments 508.64 391.83 974.64 743.35 1,632.72(c) Interest on balances with Reserve Bank of India and other inter-bank funds 23.35 12.64 42.71 29.08 77.30(d) Others 11.07 9.96 24.35 21.56 48.782. Other Income 382.88 204.77 751.12 429.27 1,010.113. TOTAL INCOME (1+2) 2,059.37 1,230.20 3,938.66 2,384.60 5,471.764. Interest Expended 1,087.82 684.92 2,177.96 1,317.00 2,993.325. Operating expenses (i)+ 508.69 295.45 929.90 534.61 1,214.59(ii)(i) Employees cost 164.42 98.07 312.32 177.76 381.35(ii) Other operating 344.27 197.38 617.58 356.85 833.24 expenses6. TOTAL EXPENDITURE (4)+(5) (Excluding Provisions andContingencies) 1,596.51 980.37 3,107.86 1,851.61 4,207.917. OPERATING PROFIT (3-6)(Profit before Provisions andContingencies) 462.86 249.83 830.80 532.99 1,263.858. Provisions (other than 114.46 34.10 215.37 134.89 267.61tax) and Contingencies (Net)9. Exceptional Items - - - - -10. Profit/(Loss) from Ordinary 348.40 215.73 615.43 398.10 996.24Activities before Tax (7-8-9)11. Tax expense 120.58 73.75 212.63 135.57 337.2112. Net Profit/(Loss) fromOrdinary Activities after Tax(10-11) 227.82 141.98 402.80 262.53 659.0313. Extraordinary Items (net of - - - - - tax expense)14. Net Profit/(Loss) for the 227.82 141.98 402.80 262.53 659.03 period (12-13)15. Paid-up equity share 356.51 280.51 356.51 280.51 281.63 capital (face value Rs. 10/- per share)16. Reserves excluding 3,111.60 revaluation reserves (as per balance sheet of previous accounting year)17. Analytical Ratios (i) Percentage ofShares held by Government of India NIL NIL NIL NIL NIL (ii) Capital Adequacy 17.59% 11.52% 17.59% 11.52% 11.57% Ratio (iii) Earnings per Share (EPS) for the period / year (before and after extraordinaryitems) - Basic - Diluted 7.37 5.07 13.04 9.38 23.50 7.14 4.97 12.62 9.19 22.79 (iv) NPA Ratios(a) Amount of Gross Non-performing assets 487.16 438.92 487.16 438.92 418.67(b) Amount of Net Non-performing assets 280.68 263.85 280.68 263.85 266.33 (c) % of Gross NPAs 0.95 1.22 0.95 1.22 0.95 (d) % of Net NPAs 0.55 0.74 0.55 0.74 0.61 (e) Return on Assets 1.10 0.99 1.02 0.96 1.10 (annualized)18. Public Shareholding - Number of shares 180,638,188 145,701,000 180,638,188 145,701,000 148,241,566- Percentage of 50.67% 51.94% 50.67% 51.94% 52.64% shareholding Notes : 1. The results above have been taken on record by the Board of Directorsof the Bank at its meeting held at Singapore today. 2. 'Other income' includes gains from securities' transactions,commission earned from guarantees/letters of credit, fees earned from providingservices to customers, selling of third party products and ATM sharing fees. 3. Pursuant to the approval received from the Registrar of Companies,Gujarat, the Bank has changed its name from 'UTI Bank Ltd.' to 'Axis Bank Ltd.'with effect from 30th July, 2007. 4. During the quarter, the Bank raised additional capital in the form of1,41,32,466 Global Depository Receipts (GDRs) (each GDR representing 1underlying equity share of Rs.10/- each), at a price of US$ 15.43 per GDR. TheBank also undertook a qualified Institutional Placement (QIP) of 2,82,64,934shares and a preferential allotment of 3,06,95,129 shares at a price of Rs. 620/- per share. As a consequence, the paid-up share capital of the Bank hasincreased by Rs. 73.09 crores and the reserves of the Bank have increased by Rs.4,414.17 crores after charging of issue related expenses. 5. In terms of RBI guidelines the Bank has reclassified the amount ofamortization of premia (for investments held in the Held to Maturity category)under 'Interest income on Investments'. This was hitherto classified under 'Other Income'. 6. Disclosure about investor complaints: Complaints at the Received during the quarter Disposed off during the Unresolved as on beginning of the quarter 30.09.2007 quarter - 161 161 - 7. These results for the half-year ended 30th September 2007, have beensubjected to a "Limited Review" by the Statutory Auditors of the Bank. 8. Previous period figures have been regrouped and reclassified, wherenecessary, to make them comparable with current quarter figures. Place : Singapore P.J. NAYAK Date : 15.10.2007 CHAIRMAN & CEO www.axisbank.com AXIS BANK Segmental Results (Rs. in crores) For the For the For the For the half For the year quarter quarter half year year ended ended ended ended ended 30-09-2006 31-3-2007 30-9-2007 30-9-2006 30-09-2007 1 Segment Revenue a Treasury 2,937.72 1,973.85 5,880.90 3,805.94 8,780.50b Corporate/Wholesale Banking 1,086.88 2,196.82 c Retail Banking 964.03 1,761.92d Other Banking Business (15.19) 1,163.13 (15.03 ) 2,238.48 5,308.26 Total 4,973.44 3,136.98 9,824.61 6,044.42 14,088.76 Less Inter segment revenue 2,914.07 1,906.78 5,885.95 3,659.82 8,617.00 Income from Operations 2,059.37 1,230.20 3,938.66 2,384.60 5,471.76 2 Segment Results After Provisions & BeforeTax a Treasury 91.13 94.41 70.23 103.87 226.46b Corporate/Wholesale Banking 250.33 521.43 c Retail Banking 22.13 38.80d Other Banking Business (15.19) 121.32 (15.03) 294.23 769.78 Total Profit Before Tax 348.40 215.73 615.43 398.10 996.24 3 Capital Employed a Treasury 3,481.26 1,550.86 3,481.26 1,550.86 (2,734.81)b Corporate/Wholesale Banking 13,784.09 13,784.09 c Retail Banking (9,954.17) (9,954.17)d Other Banking Business 1,011.32 1,573.39 1,011.32 1,573.39 6,128.04 Total 8,322.50 3,124.25 8,322.50 3,124.25 3,393.23 Notes: 1. Effective 1st April 2007, the Bank has adopted RBI's revised guidelinesissued in April 2007 on segment reporting in terms of which the reportablesegments have been changed to Treasury, Corporate / Wholesale Banking, RetailBanking and Other Banking Business. 2.Segmental disclosures relating to the corresponding previous-year period andfor the year ended 31st March, 2007, have been disclosed based on reportablesegments then in force and are hence not comparable with the figures for thecurrent quarter. This information is provided by RNS The company news service from the London Stock Exchange