EXHIBIT 1
AUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2000
(Rupees in crores)
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Particulars Quarter ended Year ended
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Sr. June 30, June 30, Mar. 31,
No. Particulars 2000 1999 2000
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1. Interest Income 283.56 198.92 852.87
2. Other Income 31.23 23.28 194.05
3. Total Income 314.79 222.20 1046.92
4. Interest Expenditure 198.19 160.83 666.95
5. Total Operating Expenditure
(a) Staff Cost 12.03 6.84 36.37
(b) Depreciation 2.67 4.09 24.79
(c) Other Expenditure 40.03 14.23 92.15
6. Total Expenditure (4) + (5) 252.92 185.99 820.26
7. Gross Profit before tax and
provisions 61.87 36.21 226.66
8. Provision for taxes 7.66 1.42 33.02
9. Other provisions 14.07 14.54 88.34
10. Net Profit 40.14 20.25 105.30
11. Paid up Equity Share Capital 196.82 165.00 196.82
12. Reserves (excluding Revaluation
Reserves) 992.82 163.58 952.69
13. Total deposits 8739.77 5954.39 9866.02
14. Total advances (including Credit
substitutes) 5361.48 3448.56 5030.96
15. Basic and diluted Earnings Per Share
(not annualised for the quarters) 2.04 1.23 6.38
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Notes:
1. Out of amortised ADS issue expenditure, Rs.2.45 crores has been charged
off during the quarter.
2. Depreciation on fixed assets has been charged over the estimated useful
life of the fixed assets on a straight line basis against WDV basis
adopted earlier leading to write back of excess depreciation of Rs.4.96
crores. The amount has been used to increase bad debts provision over and
above RBI norm on old NPAs of earlier years.
3. Net non-performing assets on advances (including credit substitutes) is
1.16% (1.14% as on 31.03.2000)
4. Item 5(c) includes Rent, taxes and lighting Rs.6.90 crores (Q1:1999-2000 -
Rs.3.86 crores and LY - Rs.18.01 crores). Other items included in 5(c)
individually do not exceed 10% of total operating expenditure.
Unaudited financial results under US GAAP accounting (Rupees in crores)
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Quarter ended Year ended
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June 30, June 30, Mar. 31,
Particulars 2000 1999 2000
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Net income under US GAAP 44.60 26.44 140.20
Reconciliation between US GAAP and Accounting
Standards followed in India
Profit under Indian GAAP 40.14 20.25 105.30
Deferred taxation 1.06 0.60 (11.30)
Loan impairment (3.96) 4.20 35.80
ADR Issue expenditure charged to P & L A/c 2.45 .. 9.90
Others 4.91 1.39 0.50
Profit under US GAAP 44.60 26.44 140.20
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The above financial results have been taken on record by the Board of Directors
of the Bank at its meeting held on July 20, 2000.
/s/ H.N.Sinor
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Place: Mumbai H.N.Sinor
Date: July 20, 2000 Managing Director &
Chief Executive Officer
