Standalone Unaudited Financial Results for the Quarter / Half-year ended 30th September 2018
(Rs. In Lakhs)
|Particulars||Quarter ended||Half Year ended||Year Ended|
|1. Interest earned (a+b+c+d)||145694||144253||140237||289947||278645||569965|
|a) Interest / discount on advances / bills||115909||113427||111079||229336||219934||442081|
|b) Income on Investments||28722||28952||27362||57674||54777||112293|
|c) Interest on balances with Reserve Bank of India & other interbank funds||728||1505||1532||2233||3407||7721|
|d) Other Interest||335||369||264||704||527||7870|
|2. Other Income||17556||25487||23013||43043||46643||89993|
|3. Total Income (1+2)||163250||169740||163250||332990||325288||659958|
|4. Interest Expended||87780||85891||84736||173671||169287||340154|
|5. Operating Expenses (i+ii)||39331||37887||35813||77218||68359||142072|
|(i) Employees cost||17266||17856||15507||35122||30652||63908|
|(ii) Other operating expenses||22065||20031||20306||42096||37707||78164|
|6. Total Expenditure (4+5) (excluding provisions and contingencies)||127111||123778||120549||250889||237646||482226|
|7. Operating Profit before provisions and contingencies (3-6)||36139||45962||42701||82101||87642||177732|
|8. Provisions (other than tax) and Contingencies||21314||42267||32136||63581||55480||127367|
|9. Exceptional items||-||-||-||-||-||-|
|10. Profit from ordinary activities before tax (7-8-9)||14825||3695||10565||18520||32162||50365|
|11. Tax expense||6451||-896||3000||5555||9800||15798|
|12. Net Profit from ordinary activities after tax (10-11)||8374||4591||7565||12965||22362||34567|
|13. Extraordinary items (net of tax expense)||-||-||-||-||-||-|
|14. Net Profit for the period (12-13)||8374||4591||7565||12965||22362||34567|
|15. Paid-up equity share capital (FV Rs. 2/- per share)||15986||14533||12186||15986||12186||14533|
|16. Reserves excluding Revaluation Reserve||611886|
|17. Analytical Ratios|
|(i) % of shares held by Government of India||0%||0%||0%||0%||0%||0%|
|(ii) Capital Adequacy Ratio - Basel III||14.22%||14.08%||12.22%||14.22%||12.22%||14.43%|
|(iii) Earnings per share (EPS)^ (Rs.)|
|a) Basic EPS before and after extraordinary items||1.05||0.57||1.05||1.62||3.1||4.78|
|b) Diluted EPS before and after extraordinary items||1.05||0.57||1.05||1.62||3.1||4.78|
|(iv) NPA Ratios|
|a) Gross NPA||370741||356339||213619||370741||213619||301576|
|b) Net NPA||205151||208832||140730||205151||140730||186283|
|c) % of Gross NPA||7.70%||7.44%||4.83%||7.70%||4.83%||6.56%|
|d) % of Net NPA||4.41%||4.50%||3.24%||4.41%||3.24%||4.16%|
|(v) Return on Asset (annualised)||0.49%||0.27%||0.48%||0.38%||0.71%||0.53%|
^ EPS not annualized for the quarter / half year. EPS for the earlier periods / year has been re-stated after considering the rights issue of equity shares made during the quarter ended 31 December 2017 and the issue of bonus shares during the current quarter.
Statement of Assets and Liabilities as on 30th September 2018
(Rs. In Lakhs)
|Particulars||As on 30-09-2018 (Unaudited)||As on 30.09.2017 (Unaudited)||As on 31.03.2018 (Audited)|
|Capital & Liabilities|
|Reserves and Surplus||618144||513185||611886|
|Other Liabilities and Provisions||143305||164217||139317|
|Cash & Balances with Reserve Bank of India||302818||294952||296007|
|Balances with Banks and Money at Call and Short Notice||99930||98839||133683|
(Rs. In Lakhs)
|Business Segments||Quarter ended||Half Year ended||Year Ended|
|2. Corporate / Wholesale Banking||41589||43610||40435||85199||84970||170986|
|3. Retail Banking||93010||93059||90338||186069||172386||352660|
|4. Other Banking Operations||533||594||403||1127||801||1790|
|Segment Results (Net of provisions)|
|2. Corporate / Wholesale Banking||11862||14086||12763||25948||27484||55514|
|3. Retail Banking||26487||29109||25836||55596||49494||104555|
|4. Other Banking Operations||477||531||366||1008||725||1618|
|Unallocated Income / Expenses||6025||5754||5443||11779||10854||22239|
|Net Profit from ordinary activities||8374||4591||7565||12965||22362||34567|
|2. Corporate / Wholesale Banking||1393214||1443321||1351303||1393214||1351303||1402984|
|3. Retail Banking||3254764||3197261||2992176||3254764||2992176||3077030|
|4. Other Banking Operations||-||-||-||-||-||-|
|Total Segment Assets||6792042||6827576||6395871||6792042||6395871||6692912|
|2. Corporate / Wholesale Banking||1254319||1299957||1233545||1254319||1233545||1255173|
|3. Retail Banking||2930617||2879705||2730962||2930617||2730962||2752878|
|4. Other Banking Operations||-||-||-||-||-||-|
|Capital Employed (Segment Assets - Segment Liabilities)|
|2. Corporate / Wholesale Banking||138895||143364||117758||138895||117758||147811|
|3. Retail Banking||324147||317556||261214||324147||261214||324152|
|4. Other Banking||-||-||-||-||-||-|
|Total Segment Liabilities (a+b)||6792042||6827576||6395871||6792042||6395871||6692912|
For the above segment reporting, the reportable segments are identified into Treasury, Corporate / Wholesale banking, Retail banking and other banking operations in compliance with RBI guidelines. The Bank operates only in India.
- The above financial results for the period ended 30th September 2018 have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at the meeting held on 24th October 2018. The same have been subjected to “Limited review” by the Statutory Central Auditors of the Bank.
- There has been no change in the accounting policies followed in the preparation of interim financial results for the period ended 30th September 2018 as compared to those followed in the annual financial statements for the year ended 31st March 2018.
- The bank has made provisions as per Reserve Bank of India guidelines, for loan losses and depreciation on Investments, Standard Advances, Restructured Advances, exposures to entities with Unhedged Foreign Currency Exposure. Provision for employees’ retirement benefits viz. pension, gratuity and leave encashment has been made based on actuarial valuation. Provision for Income Tax, Deferred Tax and other contingencies are made on estimated and proportionate basis and are subject to adjustments, if any, at the year end.
- Other income includes fees earned from providing services to customers, commission from non-fund based banking activities, earnings from foreign exchange transactions, selling third party products, profit on sale of investments (net), income from priority sector lending certificates, recoveries from advances written off.
- In the Annual General Meeting held on 9th August 2018, the shareholders of the bank approved issue of 7,26,63,937 bonus shares to equity share holders in the proportion of 1 (one) bonus share of Rs. 2/- each for every 10 (ten) fully paid up equity shares. Correspondingly basic and diluted Earnings Per Share has been restated for the previous period / year.
- The mark to market depreciation on investments in AFS / HFT category not amortised was Rs. 7,656 Lakhs as at 30th June 2018. Reserve Bank of India vide circulars DBR No. BP.BC.101/21.04.043/2017-18 dated April 02, 2018 and DBR No. BP.BC.113/21.04.048/2017-18 dated June 15, 2018 granted Banks the option to spread provisioning for mark-to-market losses on investments held in AFS and HFT categories for the quarters ended December 31, 2017, March 31, 2018 and June 30, 2018 equally over up to four quarters, commencing with the quarter in which the loss was incurred. Accordingly, Bank has charged proportionate un-amortised MTM loss of Rs. 3010 lakhs pertaining to the quarters ended 31st December 2017, 31st March, 2018 and 30th June, 2018 to the profit and loss account during the quarter ended 30 September 2018 and the balance amount of Rs. 4646 lakhs will be spread over the next two quarters
- In accordance with RBI circular DBOD.No.BPBC.1/21.06.201/2015-16 dated July 01, 2015, read together with RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015, Banks are required to make Pillar 3 disclosures under Basel III capital regulations. Accordingly, Pillar 3 disclosures under Basel III capital regulations have been made available on the Bank’s website at the following link. These disclosures have not been subjected to review / audit by the Statutory Central Auditors.
- Provision Coverage Ratio calculated as per the guidelines of Reserve Bank of India is 58.50% as on 30th September 2018.
- The financial results for the quarter ended 30th September 2017 and year to date ended for the period 1st April 2017 to 30th September 2017 and previous quarter ended 30th June 2018 were reviewed by predecessor auditors. Also, the financial results for the year ended 31st March 2018 was audited by predecessor auditor.
- Previous period’s / year’s figures have been re-classified / regrouped wherever considered necessary to conform to the current period’s classification.
For and on behalf of Board of Directors
P. R. Seshadri
Managing Director & C.E.O