State Bk.in.gdr Regulatory News (SBID)

5 Feb 2007 17:11

State Bank Of India05 February 2007 Letter to: Bombay Stock Exchange Ltd.Dated: 31 January 2007 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 - 31st December, 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 31st December 2006, whichhas been subjected to review by Auditors and duly signed. We enclose a copy of the Review Report of the Auditors. From: State Bank Of India LIMITED REVIEW REPORT OF UNAUDITED FINANCIAL RESULTS OF STATE BANK OF INDIA FOR THE QUARTER/NINE-MONTH PERIOD ENDED 31ST DECEMBER 2006 We, the undersigned Auditors, have reviewed the accompanying statement ofunaudited financial results of State Bank of India for the quarter/nine monthperiod ended December 31, 2006. This statement is the responsibility of theBank's Management. 2 The financial results incorporate the relevant returns of 39 branchesreviewed by us, 656 branches reviewed by the Bank's Concurrent Auditors. 9foreign Offices reviewed by local Auditors and unreviewed returns in respectof 8696 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 reviewreports in respect of non-performing assets received from the Bank'sConcurrent Auditors of domestic branches and local auditors of foreignoffices aggregating 665 branches / offices. This review covers 58.78% of theadvances portfolio excluding outstandings of asset recovery branches and foodcredit advance of the bank. Further, this review also covers 54.23% of NPAs ason December 31, 2006. 3 A review of interim financial information consists principally of applying analytical procedures for financial data and making enquiries frompersons responsible for financial and accounting matters. It is substantiallyless in scope than an audit conducted in accordance with the generally acceptedauditing standards, the objective of which is the expression of an opinionregarding, the financial statements taken as a whole. Accordingly, we do notexpress an audit opinion. 4 Attention is invited to Note No. 2 of the unaudited financial resultregarding non-compliance of Accounting Standard - 15 (Revised) on employeebenefits, the effect of which remains to be ascertained. 5. Based on our review conducted as above, nothing has come to our noticethat causes us to believe that the accompanying statement of unauditedfinancial results has not disclosed the information required to be disclosedin terms of Clause 41 of the Listing Agreement including the manner in whichit is to be disclosed, or that it contains any material misstatement or that ithas not been prepared in accordance with the relevant prudential norms issuedby the Reserve Bank of India in respect of income recognition, assetclassification, 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 P.M.VeeramaniPartner: M.No. 51626 Partner: M.No. 104180 Partner: M.No. 23933 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 Abha JainPartner: M.No. 15454 Mumbai,23rd January 2007 STATE BANK OF INDIA Central Office, Mumbai - 400 021. UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE-MONTH PERIOD ENDED 31ST DECEMBER 2006 STATE BANK OF INDIA (Rs.in crores) Quarter ended Nine months ended Year ended ------------ ------------ ------- Particulars 31.12.2006 31.12.2005 31.12.2006 31.12.2005 31.03.2006 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) 1 Interest Earned (a) + 9735.94 9558.15 27949.56 27285.85 35794.93 (b) + (c) + (d) (a) Interest/ 6413.55 4667.94 17782.61 12937.57 17696.30 discount on advances/ bills (b) Income on 2833.12 3289.09 8647.73 10661.16 13977.53 Investments (c) Interest on 352.48 490.07 1092.58 1479.72 1760.97 balances with Reserve Bank of India and other interbank funds (d) Others 136.79 1111.05 426.64 2207.40 2360.13 2 Other Income 1811.03 1840.47 5007.39 4711.66 7388.69 (A) TOTAL INCOME (1+2) 11546.97 11398.62 32956.95 31997.51 43183.62 3 Interest Expended 5784.61 5338.27 16215.49 15204.78 20159.29 4 Operating Expenses (e) + (f) 2907.40 3460.70 8577.49 8770.68 11725.10 (e) Payments to 2029.71 2524.12 5908.71 6198.87 8123.04 and provisions for employees (f) Other 877.69 936.58 2668.78 2571.81 3602.06 Operating Expenses (B) TOTAL EXPENDITURE (3) + (4) 8692.01 8798.97 24792.98 23975.46 31884.39 (excluding Provisions and Contingencies) (C) OPERATING PROFIT 2854.96 2599.65 8163.97 8022.05 11299.23 (A - B) (Profit before Provisions and Contingencies) (D) Provisions 1166.19 469.81 3129.49 3053.93 4393.08 and Contingencies (net of write-back) - of which provisions 410.60 -102.56 698.26 144.18 147.81 for Non-performing assets (E) Provision for Taxes 623.71 1014.65 1986.36 1414.74 2499.48 - of which provisions 12.50 12.00 35.00 31.00 458.00 for Fringe Benefit Tax (FBT) (F) NET PROFIT 1065.06 1115.19 3048.12 3553.38 4406.67 (C - D - E) (G) NET PROFIT AFTER MINORITY INTEREST 5 Paid-up equity Share 526.30 526.30 526.30 526.30 526.30 Capital 6 Reserves excluding 27117.79 23545.84 27117.79 23545.84 27117.79 revaluation reserves (as per balance sheet of previous accounting year) 7 Analytical Ratios (i ) Percentage of nil nil nil nil nil shares held by Government of India (ii) Capital Adequacy 11.86% 12.49% 11.86% 12.49% 11.88% Ratio (iii) Earnings per 20.24 21.19 57.92 67.52 83.73 Share ( in Rs.) (not (not (not (not annualised) annualised) annualised) annualised) (iv) (a) Amount of 10428.87 10960.90 10428.87 10960.90 10375.75 gross non-performing assets (b) Amount of 4487.16 4045.52 4487.16 4045.52 4906.42 net non- performing assets (c) % of gross NPAs 3.31% 4.41% 3.31% 4.41% 3.88% (d) % of net NPAs 1.45% 1.67% 1.45% 1.67% 1.87% (v) Return on Assets 0.79% 0.92% 0.78% 1.01% 0.89% (Annualised) 8 Shareholding pattern a) Reserve Bank 314338700 314338700 314338700 314338700 314338700 of India ...No. of shares ... % of 59.73% 59.73% 59.73% 59.73% 59.73% shareholding b) Others .. .. 211960178 211960178 211960178 211960178 211960178 No. of shares ... % of 40.27% 40.27% 40.27% 40.27% 40.27% shareholding IN TERMS OF OUR REVIEW REPORT OF EVEN DATE Unaudited Segment-wise Revenue, Results and Capital Employed (Rs. in crores) Quarter ended Nine-Months ended Year ended Particulars 31.12.2006 31.12.2005 31.12.2006 31.12.2005 31.03.2006 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited)Segment Revenue(income)BankingOperations 10912.89 9117.73 30773.05 25645.60 35265.88TreasuryOperations 3204.88 4582.55 9815.83 13444.04 17436.77 Total 14117.77 13700.28 40588.88 39089.64 52702.65Less : InterSegmentRevenue 2716.86 3264.00 7929.86 9072.75 11474.69Net IncomefromOperations 11400.91 10436.28 32659.02 30016.89 41227.96 Segment Results(Profit before tax)BankingOperations 1762.41 1950.79 5169.53 4366.09 6042.34TreasuryOperations -219.70 -618.30 -432.97 -1341.61 -1991.32 Total 1542.71 1332.49 4736.56 3024.48 4051.02Add :Unallocatedincome 146.06 797.35 297.92 1943.64 1918.65(net of unallocatedexpenses)Profit beforeTax 1688.77 2129.84 5034.48 4968.12 5969.67Less : IncomeTax (includingFBT) 623.71 1014.65 1986.36 1414.74 2499.48Add :ExtraordineryProfit 936.48Net Profit 1065.06 1115.19 3048.12 3553.38 4406.67 Segment AssetsBankingOperations 382211.31 427057.00 382211.31 427057.00 382211.31TreasuryOperations 219555.40 216956.54 219555.40 216956.54 219555.40Unallocated 2583.13 3984.33 2583.13 3984.33 2583.13Less :Eliminations 110480.29 188115.00 110480.29 188115.00 110480.29 Total 493869.55 459882.87 493869.55 459882.87 493869.55 Segment LiabilitiesBankingOperations 357682.71 404730.11 357682.71 404730.11 357682.71TreasuryOperations 216439.91 215211.31 216439.91 215211.31 216439.91Unallocated 812.08 0.00 812.08 0.00 812.08Less :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/nine-month period ended 31st December 2006 have been arrived at after considering provisions for NPAs, Bonus, Gratuity, Pension,Leave Encashment, Investment Depreciation, Income Tax (after adjustment fordeferred tax), Wealth Tax, Fringe Benefit Tax (FBT) and other contingencies onan estimated basis. 2. The effect of the revised Accounting Standard - 15 on employee benefits(which has come into effect from 1st April 2006) have 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. During the quarter, the Bank has acquired 76% equity stake (15.2 millionshares of Indonesian Rupiah 1000/- each, par value) in PT Bank Indo Monex (PBIM)for a total purchase consideration of USD 5 million. 5. The figures of previous periods have been regrouped / rearranged, wherevernecessary, to correspond to current periods' classification. The above results have been taken on record by the Central Board of the Bank on the 23rd January 2007 and were subjected to Review by the Auditors. YOGESH AGARWAL T. S. BHATTACHARYA O.P. BHATTManaging 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 Abha JainPartner: M.No. 15454 MumbaiDate : 23rd January, 2007 This information is provided by RNS The company news service from the London Stock Exchange