State Bk.in.gdr Regulatory News (SBID)

2 May 2008 13:12

State Bank Of India02 May 2008 Letter to: The Executive Director, Bombay Stock Exchange Ltd., 02-05-2008 CO/S&B/SKT/2008/1229 Dear Sir/Madam, LISTING AGREEMENT AUDITED WORKING RESULTS OF STATE BANK OF INDIAFOR THE YEAR ENDED 31st MARCH, 2008 In terms of Clause 41 of the Listing Agreement we forward herewith a copy of the audited working results of the Bank for year ended the 31st March, 2008, taken on record by the Central Board of the Bank at its meeting held on date. STATE BANK OF INDIA Central Office, Mumbai - 400 021 AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31st MARCH 2008 Rs. in crores Particulars Quarter ended Year ended 31.03.2008 31.03.2007 31.03.2008 31.03.2007 1 Interest Earned (a)+(b)+(c)+(d) 13576.73 10517.73 48950.31 37242.33 (a) Interest/discount on advances/bills 9603.47 7056.57 35228.11 24839.18 (b) Income on Investments 3211.76 3051.68 11944.16 10456.20 (c) Interest on balances with Reserve Bank 218.80 270.11 1200.08 1729.02 of India and other interbank funds (d) Others 542.70 139.37 577.96 217.93 2 Other Income 2817.20 2417.38 8694.93 6765.26 3 TOTAL INCOME (1+2) 16393.93 12935.11 57645.24 44007.59 4 Interest Expended 8776.14 5971.02 31929.08 22184.13 5 Operating Expenses (i) + (ii) 3244.66 3232.00 12608.61 11823.52 (i) Employee cost 1569.60 2023.87 7785.87 7932.58 (ii) Other Operating Expenses 1675.06 1208.13 4822.74 3890.94 6 TOTAL EXPENDITURE (4) + (5) 12020.80 9203.02 44537.69 34007.65 (excluding Provisions and Contingencies) 7 OPERATING PROFIT (3 - 6) 4373.13 3732.09 13107.55 9999.94 (before Provisions and Contingencies) 8 Provisions (other than tax) and 1619.14 1175.77 2668.65 2409.64 Contingencies --- of which provisions for 1066.98 731.24 2000.94 1429.50 Non-performing assets 9 Exceptional Items 0.00 0.00 10 PROFIT FROM ORDINARY ACTIVITIES BEFORE 2753.99 2556.32 10438.90 7590.30 TAX (7-8-9) 11 Tax expense 870.74 1063.13 3709.78 3048.99 12 NET PROFIT FROM ORDINARY ACTIVITIES 1883.25 1493.19 6729.12 4541.31 AFTER TAX (10-11) 13 Extraordinary items (net of tax 0.00 0.00 0.00 0.00 expense) 14 NET PROFIT FOR THE PERIOD (12-13) 1883.25 1493.19 6729.12 4541.31 15 NET PROFIT AFTER MINORITY INTEREST 16 Paid-up equity Share Capital 631.47 526.30 631.47 526.30 (Face Value of Rs.10 per share) 17 Reserves excluding Revaluation Reserves 48401.19 30772.26 48401.19 30772.26 (as per balance sheet of previous accounting year) 18 Analytical Ratios (i ) Percentage of shares held by 59.73% nil 59.73% nil Government of India (ii) Capital Adequacy Ratio 13.47% 12.34% 13.47% 12.34% (iii) Earnings Per Share (EPS) (in Rs.) (a) Basic and diluted EPS before 35.44 28.37 126.62 86.29 Extraordinary items (net of tax (not (not expenses) annualised) annualised) (b) Basic and diluted EPS after 35.43 28.37 126.60 86.29 Extraordinary items (not (not annualised) annualised) (iv) NPA Ratios (a) Amount of gross non-performing 12837.34 9998.22 12837.34 9998.22 assets (b) Amount of net non-performing 7424.34 5257.72 7424.34 5257.72 assets (c) % of gross NPAs 3.04% 2.92% 3.04% 2.92% (d) % of net NPAs 1.78% 1.56% 1.78% 1.56% (v) Return on Assets (Annualised) 1.10% 1.03% 1.01% 0.84%19 Public Shareholding .. .. .. No. of shares 211959678 211959678 211959678 211959678 .. .. .. Percentage of Shareholding 40.27% 40.27% 40.27% 40.27% STATE BANK OF INDIA Central Office, Mumbai - 400 001. AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2008 Segment-wise Revenue, Results and Capital Employed Part A : Primary Segments Rs. in crores Corporate /Business Segments Treasury Wholesale Banking Retail Banking Total Year ended Year ended Year ended Year endedParticulars 31.03.2008 31.03.2008 31.03.2008 31.03.2008 Revenue 13982.33 15662.77 27654.45 57299.55Result 1230.76 4961.26 5617.52 11809.54Unallocated expenses -1370.64(net of unallocated income)Operating Profit 10438.90Income Tax 3709.78Extraordinary Profit / Loss 0.00Net Profit 6729.12OTHER INFORMATIONSegment Assets 192471.76 430917.27 93369.89 716758.92Unallocated Assets 4767.39Total Assets 721526.31Segment Liabilities 179609.11 211301.94 307151.05 698062.10Unallocated Liabilities 23464.21Total Liabilities 721526.31 Part B : Secondary Segments Rs. in crores Geographic Segments Domestic Operations Foreign Operations Total Year ended Year ended Year ended Year ended Year ended Year endedParticulars 31.03.2008 31.03.2007 31.03.2008 31.03.2007 31.03.2008 31.03.2007 Revenue 51147.74 41451.12 6151.81 3809.15 57299.55 45260.27Assets 632865.94 513812.16 88660.37 52753.08 721526.31 566565.24 In view of adoption of revised segments Previous Year's figures have not beendisclosed for Primary segments as per RBI guidelines. Page 1of 2 Notes :- 1. The Central Board have declared a dividend of Rs.21.50 per share for the year ended 31st March 2008. 2. During the year, the RBI had transferred their entire shareholding of Rs.31,43,39,200 shares in the Bank representing 59.73% of the issued capital of the Bank to the Government of India. 3. During the year, the Bank has issued 10,52,59,776 equity shares of Rs.10 each for cash at a premium Rs. 1580 per equity share i.e. at Rs.1590 per equity share aggregating to Rs.16,736,30 crores on right basis. 4. During the year, tine Bank acquired / subscribed to 92.03% of equity of Global Trade Finance Ltd. (GTFL). Consequently, GTFL has become a subsidiary of the Bank. 6. During the year, the Bank has infused additional capital of Rs.721/- crores in subsidiaries to augment their capital base. 7. During the year, the Bank has changed its accounting policy in respect of recognition of dividend on shares of corporate bodies from realisation basis to accrual basis where the right to receive the dividend is established. Consequently, the dividend income and the profit for the year are higher by Rs.4.68 crores. 8. As required by RBI general clarification dated July 11, 2007, the Bank has deducted the amortisation of premium on government securities, from "Income on investments" included in "Interest earned" which was earlier included in "Other income" amounting to Rs. 1020.22 crores for the year ended March 31, 2008 (Rs.1036.79 crores for the year ended March 31, 2007). Prior year figures have been reclassified to conform to the current classification. This change in accounting procedure does not have any impact on the net profit for the year. 9. The Bank has changed the accounting policy in respect of accounting of Mark-to-Mark (MTM) gains / losses in case of forex OTC options, where by the balance in premium received on options sold and premium paid on options bought have been considered from this year to arrive at MTM value for forex OTC options. Consequently to this change in the accounting policy, the profit for the year is higher by Rs. 133.80 crores. 10. Pursuant to a Scheme of Amalgamation approved by the Central Board at its meeting held on 25th August 2007, State Bank of Saurashtra, a wholly owned subsidiary of the Bank is to be merged with the Bank. The relevant scheme is yet to be approved by the Government of India, RBI and other authorities. Pending such approvals no effect has been said scheme in these Accounts. 11. The Bank has accounted for employee benefits as per Accounting Standard 15 (AS15) (Revised). The transitional liability on account of the revision in AS 15 is debited to revenue reserves. 12. Number of Investors Complaints received and disposed of during the quarter ended 31.03.2008: (i) Pending at the beginning of the quarter - 64. (ii) Received during the quarter-318. (iii) Disposed of during the quarter - 379. (iv) Lying unresolved at the end of the quarter - 3. The above results have been approved by the Central Board of the Bank on 2nd May 2008. Kolkata S.K. BHATTACHARYYA O.P. BHATT2nd May 2008 Managing Director Chairman and Chief Credit & Risk Officer This information is provided by RNS The company news service from the London Stock Exchange