State Bk.in.gdr Regulatory News (SBID)

3 Nov 2006 18:21

State Bank Of India03 November 2006 Letter to: Bombay Stock Exchange Ltd.Dated: 01 November 2006 STATE BANK OF INDIAGLOBAL DEPOSITARY RECEIPTS (GDRs)COMMON CODE 6996167, ISIN - US 8565522039. CINS - 856552203LISTING AGREEMENT: QUARTERLY REVIEW OF FINANCIAL RESULTS FOR THE QUARTER ENDED - 30th September 2006. In terms of Clause 41 of the Listing Agreement we forward herewith a copy of Quarterly results of our Bank for the quarter ended 30th September 2006, whichhas been subjected to review by Auditors and duly signed. We also enclose acopy of the Review Report of the Auditors. From: State Bank Of India STATE BANK OF INDIA Central Office, Mumbai - 400 021. UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ HALF-YEAR ENDED 30TH SEPTEMBER 2006 (Rs.in crores) State Bank of India State Bank of India (Consolidated) Quarter ended Half-year ended Year ended Particulars 30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Interest Earned (a) + (b) + (c) + (d) 9377.47 8561.41 18213.62 17727.70 35794.93 (a) Interest/discount on advances/bills 5901.71 4305.55 11369.06 8269.63 17696.30 (b) Income on Investments 2874.40 3611.09 5814.61 7372.07 13977.53 (c) Interest on balances with Reserve Bank of 395.98 474.40 740.10 989.65 1760.97 India and other interbank funds (d) Others 205.38 170.37 289.85 1096.35 2360.13 2 Other Income 1433.76 1294.63 3196.36 2871.19 7388.69 (A) TOTAL INCOME (1+2) 10811.23 9856.04 21409.98 20598.89 43183.62 3 Interest Expended 5478.82 4953.46 10430.88 9866.51 20159.29 4 Operating Expenses (e) + (f) 2859.84 2919.66 5670.09 5309.98 11725.10 (e) Payments to and provisions for employees 1954.71 2041.18 3879.00 3674.75 8123.04 (f) Other Operating Expenses 905.13 878.48 1791.09 1635.23 3602.06 (B) TOTAL EXPENDITURE (3) + (4) 8338.66 7873.12 16100.97 15176.49 31884.39 (excluding Provisions and Contingencies) (C ) OPERATING PROFIT (A - B) 2472.57 1982.92 5309.01 5422.40 11299.23 (Profit before Provisions and Contingencies) (D) Provisions and Contingencies (net of 681.34 817.54 1963.30 2584.12 4393.08 write-back) --- of which provisions for Non-performing 116.11 10.74 287.66 246.74 147.81 assets (E) Provision for Taxes 606.74 -49.98 1362.65 400.09 2499.48 --- of which provisions for Fringe Benefit -70.00 -66.00 22.50 19.00 458.00 Tax (FBT) (F) NET PROFIT (C - D - E) 1184.49 1215.36 1983.06 2438.19 4406.67 (G) NET PROFIT AFTER MINORITY INTEREST 5 Paid-up equity Share Capital 526.30 526.30 526.30 526.30 526.30 6 Reserves excluding revaluation reserves 27117.79 23545.84 27117.79 23545.84 27117.79 ( as per balance sheet of previous accounting year )7 Analytical Ratios (i ) Percentage of shares held by Government of nil nil nil nil nil India (ii) Capital Adequacy Ratio 12.63% 11.30% 12.63% 11.30% 11.88% (iii) Earnings per Share ( in Rs. ) 22.51 23.09 37.68 46.33 83.73 (not (not (not (not annualised) annualised) annualised) annualised) (iv) (a) Amount of gross non-performing assets 10306.49 12531.83 10306.49 12531.83 10375.75 (b) Amount of net non-performing assets 4734.40 5235.08 4734.40 5235.08 4906.42 (c) % of gross NPAs 3.57% 5.26% 3.57% 5.26% 3.88% (d) % of net NPAs 1.67% 2.27% 1.67% 2.27% 1.87% (v) Return on Assets (Annualised) 0.91% 1.00% 0.78% 1.03% 0.89%8 Shareholding pattern a) Reserve Bank of India .. .. .. No. of 314338700 314338700 314338700 314338700 314338700 shares .. .. .. % of shareholding 59.73% 59.73% 59.73% 59.73% 59.73% b) Others .. .. .. No. of shares 211960178 211960178 211960178 211960178 211960178 .. .. .. % of shareholding 40.27% 40.27% 40.27% 40.27% 40.27% IN TERMS OF OUR REVIEW REPORT OF EVEN DATE (Rs.in crores) Quarter ended Half-year ended Year ended Particulars 30.09.2006 30.09.2005 30.09.2006 30.09.2005 31.03.2006 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Segment Revenue (income) a Banking Operations 10350.43 8514.62 19860.17 16527.87 35265.88 b Treasury Operations 3004.47 4340.36 6610.95 8861.48 17436.77 Total 13354.90 12854.98 26471.12 25389.35 52702.65 Less : Inter Segment 2607.00 3000.25 5213.00 5808.75 11474.69 Revenue Net Income from 10747.90 9854.73 21258.12 19580.60 41227.96 Operations 2 Segment Results (Profit before tax) a Banking Operations 1796.81 1223.80 3407.12 2415.30 6042.34 b Treasury Operations -68.91 -390.72 -213.27 -723.31 -1991.32 Total 1727.90 833.08 3193.85 1691.99 4051.02 Add : Unallocated income 63.33 332.30 151.86 1146.29 1918.65 (net of unallocated expenses) Profit before Tax 1791.23 1165.38 3345.71 2838.28 5969.67 Less : Income Tax 606.74 -49.98 1362.65 400.09 2499.48 (including FBT) Add : Extraordinary 936.48 Profit Net Profit 1184.49 1215.36 1983.06 2438.19 4406.67 3 Segment Assets a Banking Operations 382211.31 427057.00 382211.31 427057.00 382211.31 b Treasury Operations 219555.40 216956.54 219555.40 216956.54 219555.40 c Unallocated 2583.13 3984.33 2583.13 3984.33 2583.13 Less : Eliminations 110480.29 188115.00 110480.29 188115.00 110480.29 Total 493869.55 459882.87 493869.55 459882.87 493869.55 4 Segment Liabilities a Banking Operations 357682.71 404730.11 357682.71 404730.11 357682.71 b Treasury Operations 216439.91 215211.31 216439.91 215211.31 216439.91 c Unallocated 812.08 0.00 812.08 0.00 812.08 Less : Eliminations 108709.24 184130.69 108709.24 184130.69 108709.24 Total 466225.46 435810.73 466225.46 435810.73 466225.46 (Segment Assets and Liabilities are as on 31st March of the previous year) 1. The working results for the quarter/half-year ended 30th September 2006 have been arrived at after considering provisions for NPAs, Bonus, Gratuity, Pension, Leave Encashment, Investment Depreciation, Income Tax (after adjustment for deferred tax), Wealth Tax, Fringe Benefit Tax (FBT) and other contingencies on an estimated basis. 2. The effect of the revised Accounting Standard - 15 on employee benefits (which has come into effect from 1st April 2006) has not been considered, pending receipt of clarifications from Reserve Bank of India. 3. The Bank has modified the segmental pricing methodology from 01.04.2006. Consequently the Segment Results are not comparable with the previous periods. 4. The figures of previous periods have been regrouped / rearranged, wherever necessary, to correspond to current periods' classification. The above results have been taken on record by the Central Board of the Bank on the 28th October 2006 and subjected to Review by Auditors. YOGESH AGARWAL T. S. BHATTACHARYA O.P. BHATT Managing Director & GE (NB) Managing Director & GE (CB) Chairman In terms of our Review Report of even date. B. M. Chatrath & Co., Khandelwal & Jain & Co., R G N Price & Co.,Chartered Accountants Chartered Accountants Chartered Accountants Sachidananda Krishnan Shivratan Agarwal R. RangarajanPartner: M.No. 51626 Partner: M.No. 104180 Partner: M.No. 41883 G. S. Mathur & Co., Vinay Kumar & Co., M.M. Nissim & Co.,Chartered Accountants Chartered Accountants Chartered Accountants Rajiv Wadhawan V. K. Agrawal Sanjay Khemani Partner: M.No. 91007 Partner: M.No. 13795 Partner: M.No. 44577 Laxminiwas & Jain, Chaturvedi & Co., S K Mittal & Co.,Chartered Accountants Chartered Accountants Chartered Accountants Laxminiwas Sharma S. N. Chaturvedi S. K. ChopraPartner: M.No. 14244 Partner: M.No. 40479 Partner: M.No 14907 Kanwalia & Co., M Choudhury & Co., K.P. Rao & Co.,Chartered Accountants Chartered Accountants Chartered Accountants B.K. Kanwalia D. Choudhury K. Surya PrakashPartner: M.No. 7719 Partner: M.No. 52066 Partner: M.No. 18857 Vardhaman & Co.,Chartered Accountants V BaskaranPartner: M.No. 12202 Mumbai,28th October 2006 LIMITED REVIEW REPORT OF UNAUDITED FINANCIAL RESULTS OF STATE BANK OF INDIA FOR THE QUARTER/HALF-YEAR ENDED 30TH SEPTEMBER 2006 We, the undersigned Auditors, have reviewed the accompanying statement of unaudited financial results of State Bank of India for the quarter/half-yearended September 30, 2006. This statement is the responsibility of the Bank'sManagement. 2 The financial results incorporate the relevant returns of 39 branches reviewed by us, 623 branches reviewed by the Bank's Concurrent Auditors, 9 Foreign Offices reviewed by Local Auditors and unreviewed returns in respect of 8662 branches (including 18 Foreign Offices). In the conduct of our review, in addition to 39 branches reviewed by us, we have taken note of the review reports in respect of non-performing assets received from the Bank's Concurrent Auditors of domestic branches and local auditors of foreign offices aggregating 632 branches / offices. This review covers 59.78% of the advances portfolio excluding outstandings of asset recovery branches and food credit advance of the bank. Further, this review also covers 52.69% of NPAs as on September 30, 2006. 3 A review of interim financial information consists principally of applyinganalytical procedures for financial data and making enquiries from persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express an audit opinion. 4. Attention is invited to Note No. 2 of the unaudited financial results regarding non-compliance of Accounting Standard-15 (Revised) on employee benefits, the effect of which remains to be ascertained. 5. Based on our review conducted as above, nothing has come to our notice that causes us to believe that the accompanying statement of unaudited financial results has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters. B. M. Chatrath & Co., Khandelwal & Jain & Co., R G N Price & Co.,Chartered Accountants Chartered Accountants Chartered Accountants Sachidananda Krishnan Shivratan Agarwal R. RangarajanPartner: M.No. 51626 Partner: M.No. 104180 Partner: M.No. 41883 G. S. Mathur & Co., Vinay Kumar & Co., M.M. Nissim & Co.,Chartered Accountants Chartered Accountants Chartered Accountants Rajiv Wadhawan V. K. Agrawal Sanjay Khemani Partner: M.No. 91007 Partner: M.No. 13795 Partner: M.No. 44577 Laxminiwas & Jain, Chaturvedi & Co., S K Mittal & Co.,Chartered Accountants Chartered Accountants Chartered Accountants Laxminiwas Sharma S. N. Chaturvedi S. K. ChopraPartner: M.No. 14244 Partner: M.No. 40479 Partner: M.No 14907 Kanwalia & Co., M Choudhury & Co., K.P. Rao & Co.,Chartered Accountants Chartered Accountants Chartered Accountants B.K. Kanwalia D. Choudhury K. Surya PrakashPartner: M.No. 7719 Partner: M.No. 52066 Partner: M.No. 18857 Vardhaman & Co.,Chartered Accountants V BaskaranPartner: M.No. 12202 Mumbai,28th October 2006 This information is provided by RNS The company news service from the London Stock Exchange