State Bk.in.gdr Regulatory News (SBID)

6 May 2008 07:00

State Bank Of India03 May 2008 STATE BANK OF INDIA Central Office, Mumbai - 400 021 AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31st MARCH 2008 Rs. in crores Consolidated Particulars Quarter ended Year ended Year Ended 31.03.2008 31.03.2007 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 71495.82 54363.44 (a) Interest/discount on advances/bills 9603.47 7056.57 35228.11 24839.18 51920.07 36832.81 (b) Income on Investments 3211.76 3051.68 11944.16 10456.20 17406.32 15163.70 (c) Interest on balances with Reserve Bank of 218.80 270.11 1200.08 1729.02 1442.55 2132.35 India and other interbank funds (d) Others 542.70 139.37 577.96 217.93 726.88 234.58 2 Other Income 2817.20 2417.38 8694.93 6765.26 18722.99 12760.70 3 TOTAL INCOME (1+2) 16393.93 12935.11 57645.24 44007.59 90218.81 67124.14 4 Interest Expended 8776.14 5971.02 31929.08 22184.13 47944.04 32730.06 5 Operating Expenses (i) + (ii) 3244.66 3232.00 12608.61 11823.52 23943.23 20001.78 (i) Employee cost 1569.60 2023.87 7785.87 7932.58 10457.51 10597.46 (ii) Other Operating Expenses 1675.06 1208.13 4822.74 3890.94 13485.72 9404.32 6 TOTAL EXPENDITURE (4) + (5) 12020.80 9203.02 44537.69 34007.65 71887.27 52731.84 (excluding Provisions and Contingencies) 7 OPERATING PROFIT (3 - 6) 4373.13 3732.09 13107.55 9999.94 18331.54 14392.30 (before Provisions and Contingencies) 8 Provisions (other than tax) and 1619.14 1175.77 2668.65 2409.64 4340.97 3580.16 Contingencies --- of which provisions for Non-performing 1066.98 731.24 2000.94 1429.50 2804.05 1775.89 assets 9 Exceptional Items 0.00 0.00 10 PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX 2753.99 2556.32 10438.90 7590.30 13990.57 10812.14 (7-8-9) 11 Tax expense 870.74 1063.13 3709.78 3048.99 4777.73 4192.3412 NET PROFIT FROM ORDINARY ACTIVITIES AFTER 1883.25 1493.19 6729.12 4541.31 9212.84 6619.80 TAX (10-11) 13 Extraordinary items (net of tax expense) 0.00 0.00 0.00 0.00 0.00 0.0014 NET PROFIT FOR THE PERIOD (12-13) 1883.25 1493.19 6729.12 4541.31 9212.84 6619.80 Share of Minority 15 NET PROFIT AFTER MINORITY INTEREST 8960.61 6364.3716 Paid-up equity Share Capital 631.47 526.30 631.47 526.30 631.47 526.30 (Face Value of Rs.10 per share) 17 Reserves excluding Revaluation Reserves 48401.19 30772.26 48401.19 30772.26 60604.91 42009.35 (as per balance sheet of previous accounting year) 18 Analytical Ratios (i ) Percentage of shares held by Government of 59.73% nil 59.73% nil 59.73% nil India (ii) Capital Adequacy Ratio 13.47% 12.34% 13.47% 12.34% 13.49% 12.36% (iii) Earnings Per Share (EPS) (in Rs.) (a) Basic and diluted EPS before 35.44 28.37 126.62 86.29 168.61 120.93 Extraordinary items (net of tax expenses) (not (not annualised) annualised) (b) Basic and diluted EPS after 35.43 28.37 126.60 86.29 168.58 120.93 Extraordinary items (not (not annualised) annualised) (iv) NPA Ratios (a) Amount of gross non-performing assets 12837.34 9998.22 12837.34 9998.22 (b) Amount of net non-performing assets 7424.34 5257.72 7424.34 5257.72 (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 254263176 211959678 254263176 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 croresBusiness Segments Treasury Corporate /Wholesale Retail Banking Total Banking Year ended Year ended Year ended Year ended Particulars 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 0.00Profit / Loss Net Profit 6729.12OTHER INFORMATION Segment Assets 192471.76 430917.27 93369.89 716758.92Unallocated Assets 4767.39Total Assets 721526.31Segment Liabilities 179609.11 211301.94 307151.05 698062.10Unallocated 23464.21Liabilities Total 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 ended Particulars 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 45260.27 Assets 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 been disclosed for Primary segments as per RBI guidelines. Notes :- 1. The Central Board have declared a dividend of Rs.21.50 per share for the yearended 31st March 2008. 2. During the year, the RBI had transferred their entire shareholding ofRs.31,43,39,200 shares in the Bank representing 59.73% of the issued capital ofthe Bank to the Government of India. 3. During the year, the Bank has issued 10,52,59,776 equity shares of Rs.10 eachfor cash at a premium Rs. 1580 per equity share i.e. at Rs.1590 per equity shareaggregating to Rs.16,736.30 crores on right basis. 4. During the year, the Bank acquired / subscribed to 92.03% of equity of GlobalTrade Finance Ltd. (GTFL). Consequently, GTFL has become a subsidiary of theBank. 6. During the year, the Bank has infused additional capital of Rs.721/- croresin subsidiaries to augment their capital base. 7. During the year, the Bank has changed its accounting policy in respect ofrecognition of dividend on shares of corporate bodies from realisation basis toaccrual basis where the right to receive the dividend is established.Consequently, the dividend income and the profit for the year are higher byRs.4.68 crores. 8. As required by RBI general clarification dated July 11, 2007, the Bank hasdeducted the amortisation of premium on government securities, from "Income oninvestments" included in "Interest earned" which was earlier included in "Otherincome" 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 havebeen reclassified to conform to the current classification. This change inaccounting 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 ofMark-to-Mark (MTM) gains / losses in case of forex OTC options, where by thebalance in premium received on options sold and premium paid on options boughthave been considered from this year to arrive at MTM value for forex OTCoptions. Consequently to this change in the accounting policy, the profit forthe year is higher by Rs.133.80 crores. 10. Pursuant to a Scheme of Amalgamation approved by the Central Board at itsmeeting held on 25th August 2007, State Bank of Saurashtra, a wholly ownedsubsidiary of the Bank is to be merged with the Bank. The relevant scheme is yetto be approved by the Government of India, RBI and other authorities. Pendingsuch 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 15is debited to revenue reserves. 12. Number of Investors Complaints received and disposed of during the quarterended 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 May2008. Kolkata S. K. BHATTACHARYYA O. P. BHATT2nd May 2008 Managing Director and Chief Credit & Risk Officer Chairman This information is provided by RNS The company news service from the London Stock Exchange