State Bk.in.gdr Regulatory News (SBID)

24 Jan 2008 16:39

State Bank Of India24 January 2008 STATE BANK OF INDIA Central Office, Mumbai - 400 021. UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2007 State Bank of India Quarter ended 9-month period ended Year ended Particulars 31.12.2007 31.12.2006 31.12.2007 31.12.2006 31.03.2007 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Interest 12666.81 9446.36 35373.58 26724.60 38454.23 Earned (a) + (b) + (c) + (d) (a) Interest/ 9271.05 6413.55 25624.64 17782.61 24839.18 discount on advances / bills (b) Income on 3271.11 2329.24 8732.40 7404.52 10456.19 Investments (c) Interest on balances with Reserve Bank of India and other 92.61 628.74 981.28 1458.91 2719.61 inter bank funds (d) Others 32.04 74.83 35.26 78.56 439.25 2 Other Income 2697.19 1822.02 5877.73 4347.88 6806.05 3 TOTAL INCOME 15364.00 11268.38 41251.31 31072.48 45260.28 (1+2) 4 Interest 8410.45 6007.20 23152.94 16213.11 23436.82 Expended 5 Operating 3293.81 2911.48 9363.95 8591.52 11823.52 Expenses (i) + (ii) (i) Employee cost 2194.68 2029.71 6216.27 5908.71 7932.58 (ii) Other 1099.13 881.77 3147.68 2682.81 3890.94 Operating Expenses 6 TOTAL 11704.26 8918.68 32516.89 24804.63 35260.34 EXPENDITURE (4) + (5) (excluding Provisions and Contingencies) 7 OPERATING 3659.74 2349.70 8734.42 6267.85 9999.94 PROFIT (3 - 6) (before Provisions and Contingencies) 8 Provisions 804.43 661.43 1049.51 1233.87 2409.64 (other than tax) and Contingencies (net of write-back) --- of which 444.12 698.26 933.96 698.26 1429.50 provisions for Non-performing assets 9 Exceptional 0.00 0.00 0.00 0.00 0.00 Items 10 Profit from 2855.31 1688.27 7684.91 5033.98 7590.30 Ordinary Activities before tax (7-8-9) 11 Tax expenses 1046.67 623.21 2839.04 1985.86 3048.99 12 Net Profit 1808.64 1065.06 4845.87 3048.12 4541.31 from Ordinary Activities after tax (10-11) 13 Extraordinary 0.00 0.00 0.00 0.00 0.00 items (net of tax expense) 14 Net Profit for 1808.64 1065.06 4845.87 3048.12 4541.31 the period (12-13) Net Profit after Minority Interest 15 Paid-up equity 526.30 526.30 526.30 526.30 526.30 share capital (Face Value of Rs. 10 per share) 16 Reserves 30772..26 27117.79 30772..26 27117.79 30772..26 excluding Revaluation Reserves (as per balance sheet of previous accounting year) 17 Analytical Ratios (i) Percentage of 59.73% nil 59.73% nil nil shares held by Government of India (ii) Capital 12.28% 11.86% 12.28% 11.86% 12.34% Adequacy Ratio (iii) Earnings Per Share (EPS) (in Rs.) (a) Basic and 34.37 20.24 92.07 57.92 86.29 diluted EPS before Extraordinary items (net of tax expense) (not (not (not (not annualised) annualised) annualised) annualised) (b) Basic and 34.37 20.24 92.07 57.92 86.29 diluted EPS (not (not (not (not after annualised) annualised) annualised) annualised) Extraordinary items (iv) NPA Ratios (a) Amount of 10641.46 9902.85 10,641.46 9902.85 9998.22 gross non-performing assets (b) Amount of 5610.01 4487.16 5,610.01 4487.16 5257.72 net non-performing assets (c) % of gross 2.69% 3.15% 2.69% 3.15% 2.92% NPAs (d) % of net 1.44% 1.45% 1.44% 1.45% 1.56% NPAs (v) Return on 1.06% 0.79% 1.00% 0.78% 0.84% Assets (Annualised) 18 Public Shareholding --- No. of 211959678 211959678 211959678 211959678 211959678 shares --- Percentage 40.27% 40.27% 40.27% 40.27% 40.27% of Shareholding State Bank of India (Consolidated) Quarter ended 9-month period ended Year ended Particulars 31.12.2007 31.12.2006 31.12.2007 31.12.2006 31.03.2007 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Interest 18434.51 13731.71 51792.81 38849.26 55575.35 Earned (a) + (b) + (c) + (d) (a) Interest/ 13611.15 9445.46 37858.26 26141.03 36832.81 discount on advances / bills (b) Income on 4648.15 3495.18 12699.82 10902.27 15163.71 Investments (c) and other 154.04 700.13 1171.65 1709.89 3122.94 inter bank funds (d) Others 21.17 90.94 63.08 96.07 455.89 2 Other Income 5946.48 3313.42 12894.98 7828.63 12801.48 3 TOTAL INCOME 24380.99 17045.13 64687.79 46677.89 68376.83 (1+2) 4 Interest 12535.31 8718.92 34765.91 23735.60 33982.75 Expended 5 Operating 6919.83 4855.57 17801.11 13818.41 20001.78 Expenses (i) + (ii) (i) Employee cost 2963.40 2734.35 8493.93 7994.55 10597.46 (ii) Other 3956.43 2121.22 9307.18 5823.86 9404.32 Operating Expenses 6 TOTAL 19455.14 13574.49 52567.02 37554.01 53984.53 EXPENDITURE (4) + (5) (excluding Provisions and Contingencies) 7 OPERATING 4925.85 3470.64 12120.77 9123.88 14392.30 PROFIT (3 - 6) (before Provisions and Contingencies) 8 Provisions 1131.66 964.54 1852.64 1922.71 3580.16 (other than tax) and Contingencies (net of write-back) --- of which 678.00 519.81 1595.26 1005.43 1775.89 provisions for Non-performing assets 9 Exceptional 0.00 0.00 0.00 0.00 0.00 Items 10 Profit from 3794.19 2506.10 10268.13 7201.17 10812.14 Ordinary Activities before tax (7-8-9) 11 Tax expenses 1351.88 931.53 3697.62 2798.45 4192.34 12 Net Profit 2442.31 1574.57 6570.51 4402.72 6619.80 from Ordinary Activities after tax (10-11) 13 Extraordinary 0.00 0.00 0.00 0.00 0.00 items (net of tax expense) 14 Net Profit for 2442.31 1574.57 6570.51 4402.72 6619.80 the period (12-13) Net Profit after Minority Interest 2383.66 1524.42 6396.04 4221.87 6364.37 15 Paid-up equity 526.30 526.30 526.30 526.30 526.30 share capital (Face Value of Rs. 10 per share) 16 Reserves 41691.86 36680.41 41691.86 36680.41 41691.86 excluding Revaluation Reserves (as per balance sheet of previous accounting year) 17 Analytical Ratios (i) Percentage of nil nil nil nil nil shares held by Government of India (ii) Capital 12.36% Adequacy Ratio (iii) Earnings Per Share (EPS) (in Rs.) (a) Basic and 45.29 28.96 121.53 80.22 120.93 diluted EPS (not (not (not (not before annualised) annualised) annualised) annualised) Extraordinary items (net of tax expense) (b) Basic and 45.29 28.96 121.53 80.22 120.93 diluted EPS (not (not (not (not after annualised) annualised) annualised) annualised) Extraordinary items (iv) NPA Ratios (a) Amount of gross non-performing assets (b) Amount of net non-performing assets (c) % of gross NPAs (d) % of net NPAs (v) Return on Assets (Annualised) 18 Public Shareholding -- No. of shares -- Percentage of Shareholding Unaudited Segment-wise Revenue, Results and Capital Employed (Rs.in crores) Quarter ended 9-month period ended Year ended Particulars 31.12.2007 31.12.2006 31.12.2007 31.12.2006 31.03.2007 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Segment Revenue (income) a Banking Operations 14345.12 11285.12 40103.34 31082.13 44536.00 b Treasury Operations 3965.42 2700.12 9547.58 7920.21 11464.20 Total 18310.54 13985.24 49650.92 39002.34 56000.20 Less : Inter Segment 2946.54 2716.86 8399.61 7929.86 10739.92 Revenue Net Income from 15364.00 11268.38 41251.31 31072.48 45260.28 Operations 2 Segment Results (Profit before tax) a Banking Operations 2584.75 1762.89 7892.50 5174.74 8706.55 b Treasury Operations 775.04 -220.68 1100.07 -438.68 117.73 Total 3359.79 1542.21 8992.57 4736.06 8824.28 Add / (Less) : -504.48 146.06 -1307.66 297.92 -1233.98 Unallocated Profit before Tax 2855.31 1688.27 7684.91 5033.98 7590.30 Less : Income Tax 1046.67 623.21 2839.04 1985.86 3048.99 (including FBT) Net Profit 1808.64 1065.06 4845.87 3048.12 4541.31 3 Capital Employed (Segment Assets - Segment Liabilities) a Banking Operations 27898.62 24528.60 27898.62 24528.60 27898.62 b Treasury Operations 3399.94 3115.49 3399.94 3115.49 3399.94 Total 31298.56 27644.09 31298.56 27644.09 31298.56 (Segment Assets and Liabilities are as on 31st March of the previous year) 1. The working results for the period ended 31st December 2007 have been arrivedat after considering provisions for NPAs, Bonus, Gratuity, Pension, LeaveEncashment. Investment Depreciation, Income Tax (after adjustment for deferred tax), WealthTax, Fringe Benefit Tax (FBT) and other contingencies on an estimated basis. 2. Accounting Standard 15 "Employee Benefits" (revised 2005) is effective foraccounting periods commencing on or after 07.12.2006. As per this Standard, thedifference (as adjusted by any related tax expense) between the transitionalliability and the liability that would have been recognised at the same date, asper-revised Accounting Standard 15, ' Accounting for Retirement Benefits in the Financial Statements of Employers', should beadjusted immediately against opening balance of revenue reserves and surplus.The Institute of Chartered Accountants of India has made a limited revision tothis provision, which has been notified on 17.10.2007. This revision providesthe Bank with another option to charge additional liability arising upon the first application of the standard as an expense over a period up to 5years. The Bank is currently examining both the alternatives. The impact of theAccounting Standard 15 "Employee Benefits" (revised 2005) has not been ascertained for transitional provision and currentperiod(s). In the interregnum, the Bank has made adequate provisions as perpre-revised Accounting Standard 15, 'Accounting for Retirment Benefits in the Financial Statements of Employers' 3. During the period ended 31.12.2007, the Bank has made following investmentsin its foreign / domestic subsidiaries for the purpose of funding businessgrowth : * Increased stake in Indian Ocean International Bank Ltd. (IOIB) Mauritius, from56.84% to 62.28%. * Infused additional Capital of - i) Rs. 121.90 crores in State Bank of India(Canada) ii) Rs. 39.84 crores in State Bank of India (California) iii) Rs. 59.77crores in State Bank of India International (Mauritius) Ltd. iv) Rs. 74.00 crores in SBI Life Insurance Co. Ltd. V) Rs. 120.00 crores in SBICards & Payment Services P. Ltd. 4. During the period ended 31.12.2007, the Boards of State Bank of India (SBI)and State Bank of Saurashtra (SBS) have accorded approval for merger of SBS withSBI. The matter has further been referred to RBI and Government of India for approval. Necessary approval is awaited. As the merger process has not yet been crystallised, there is no impact on the Bank's quarterly results as on 31.12.2007. 5. In terms of RBI circular dated 20th April 2007, the Bank had accounted foramortisation of premium in respect of securities included in the 'Held toMaturity' (HTM) category as an adjustment against 'Other Income'. Based on the clarification issued by RBI on 11th July 2007, Banks are requiredto reflect the amortisation of premium held in HTM category by an adjustment tothe 'Interest Earned'. Accordingly, the Bank has carried out thereclassification of the same for the period ended 31st December 2007. Thischange in accounting procedure does not have any impact on the net profit forthe period(s) under review. 6. During the period ended 31st December 2007, the Bank has raised US $ 225million (Rs. 915.86 crores) as Hybrid Tier I Capital in the form of PerpetualNon Call 2017 Bonds. 7. During the period ended 31st December 2007, the entire share holding ofReserve Bank of India in State Bank of India (aggregating 31,43,39,200 equityshares (59.73%), with a face value of Rs. 10/- each) has been transferred to theCentral Government. 8. During the period ended 31st December 2007, the Bank has shifted SLRinvestments having aggregate Face Value of Rs. 9081.57 crores (correspondingprevious period - Rs. 9400 crores) from 'Available for Sale' (AFS) to'Held for Maturity (HTM) category, resulting in a net revaluation loss of Rs.297.67 crores (corresponding previous period - Rs. 225.73 crors). 9. The qualification made by the Statutory Central Auditors in their reviewreport on the financial results of quarter ended 30th June 2007 and theresolution there of : Non compliance of AS 15 (revised 2005), the impact of which has not beenascertained : The management's response is detailed in Note 2 above. 10. The Bank has decided to issue Equity Shares on rights basis to the existingshareholders for augmentation of Capital. 11. Number of Investors Complaints received and disposed of during the quarterended 31st December, 2007 : (i) Pending at the beginning of the quarter : 76. (ii) Received during the quarter : 1004. (iii) Disposed of during the quarter : 1016. (iv) Lying unresolved at the end of the quarter : 64. 12. Previous period figures have been regrouped / reclassified, wherevernecessary, to conform to current period classification. The above results have been approved by the Central Board of the Bank on the24th January 2008 and were subjected to Review by the Auditors. Mumbai S. K. BHATTACHARYYA T. S. BHATTACHARYA O. P. BHATT Date :24.01.2008 Managing Director Managing Director CHAIRMAN and Chief Credit & Group Executive & Risk Officer (Corporate Banking) This information is provided by RNS The company news service from the London Stock Exchange