| PRESS RELEASE | |
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FINANCIAL RESULTS - 31.03.2007
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PERFORMANCE HIGHLIHTS
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| * | Net Profit records 161% growth (y-o-y). Quarter- 4 growth over corresponding last quarter is 284% | |
| * | Total Business soars to Rs.62248 crore - More than 39% growth | |
| * | Unprecedented business growth of Rs.17477 crore in the Platinum Jubilee year | |
| * | Deposits at Rs.37605 crore record 36% growth | |
| * | Total Advances post an all time high growth of 45% to reach Rs.24644 crore | |
| * | Net NPA ratio down to 0.59 % from 0.85% | |
| * | Gross NPA ratio down to 2.29% from 3.17% | |
| DEPOSITS | ||
| * | Total Deposits increased by 36% from Rs.27709 crore to Rs.37605 crore (y-o-y). | |
| * | Ratio of Low Cost Deposit to Total Deposit is 31 %. | |
| ADVANCES | ||
| * | Gross Advances increased by 45% from Rs.17062 crore to 24644 crore. | |
| TOTAL BUSINESS | ||
| * | Total Business increased by more than 39% from Rs.44771 crore to Rs.62248 crore (y-o-y). | |
| PROFITABILITY | ||
| * | Net Profit for the year ended 31.03.2007 is Rs.331.34 crore as against Rs.126.88 crore for the year ended 31.03.2006, recording an impressive growth of 161.14% (y-o-y). | |
| * | Net Profit for the quarter ended 31.03.2007 stood at Rs.63.65 crore, recording growth of 284% over corresponding last quarter. | |
| * | Operating Profit from core business (excluding treasury profit and amortisation charge) for the year ended 31.03.2007 is Rs.683.22 crore as against Rs.569.78 crore in the previous year, recording growth of 20% (y-o-y). | |
| * | Gross Operating Profit for the year ended 31.03.2007 is Rs.696.02 crore as against Rs.633.01 crore for the year ended 31.03.2006, recording growth of 10% (y-o-y). | |
| * | Operating Profit for the quarter ended 31.03.2007 stood at Rs.193.25 crore recording growth of 20%, over corresponding last quarter. | |
| * | Interest Income from advances increased from Rs.1342.41 crore to Rs.1763.71 crore, recording growth of 31 %. | |
| KEY RATIOS | ||
| * | Net Interest Margin is 3.41 %, which compares well with the industry benchmark. | |
| * | Capital Adequacy Ratio stood at 11.21% and is above the RBI stipulated norm of 9%. | |
| * | Return on Average Assets is 0.92% as against 0.45% for the year ended 31.03.2006. | |
| * | Return on Net Worth is 19.40% as against 8.32% for the year ended 31.03.2006. | |
| * | Average business per employee goes up from Rs.3.69 crore to Rs. 4.55 crore (y-o-y). | |
| * | Total Business per branch goes up from Rs.48.51 crore to Rs. 63.65 crore (y-o-y). | |
| * | Earning per Share moves up from Rs.2.93 to Rs.7.64 (y-o-y). | |
| * | Book Value per share goes up from Rs.36.50 to Rs.42.30. | |
| ASSET QUALITY | ||
| * | Gross Non-Performing Assets is Rs. 564.31 crore as against Rs.540.15 crore. Gross NPA ratio is 2.29% as against 3.17% as on 31.03.2006. | |
| * | Net Non-Performing Assets is Rs. 143.96 crore as against Rs.142.32 crore. Net NPA ratio is 0.59% as against 0.85% as on 31.03.2006. | |
| * | NPA Provision Coverage Ratio improves to 74.49% from 73.65% as on 31.03.2006. | |
| * | Total Cash Recovery for the year ended 31.03.2007 is Rs.281.11 crore as against Rs.205.56 crore of the previous year. | |
| COMMITMENT TO SOCIETY | ||
| * | Priority Sector Credit is Rs.9957 crore as against Rs. 7360 crore as on 31.03.2006, recording a growth of 35 % (y-o-y). Priority Sector Credit as percentage to Net Bank Credit stood at 40.84%. | |
| * | Agricultural Credit increased from Rs.2456 crore to Rs.3213 crore, recording growth of 31% (y-o-y). Agricultural Credit constitutes 13.18% of Net Bank Credit. | |
| * | Advances to SMEs increased from Rs.1439 crore to Rs.1889 crore, recording growth of 31% against the stipulated norm of 20%. SME credit constitutes 7.75% of Net Bank Credit. | |
| * | Advances to Weaker Sections increased from Rs.1012 crore to Rs.1398 crore, recording growth of 38%. | |
| PLANS FOR FINANCIAL YEAR 2007-08 | ||
| * | Corporate goal for 2007-08 is “Improving Profitability through Core Business”. | |
| * | To reach total business of Rs.75,000 Crore comprising of total deposits of Rs.44,500 crore and advances of Rs.30,500 Crore. | |
| * | To reach 1000 branches network before June 2007 and a minimum of 1050 branches by March 2008. | |
| * | To increase credit offtake under priority sector and other productive sectors, and retail lending schemes. | |
| * | Greater thrust on increasing export credit. | |
| * | To boost credit offtake to specific sectors like Agriculture/ SSI/ SME/ Women/ Weaker Sections etc in order to ensure compliance with the growth norms. | |
| * | To focus on core deposits and to improve deposits under Current and Savings Accounts (CASA). | |
| * | To increase number of CBS business outlets from 464 to 675 and the business coverage from 80% to 90%. | |
| * | To increase networked ATMs from 171 to a minimum of 375 and also to share the ATM networks of other banks. | |
| * | To arrest the growth in NPAs and achieve accelerated performance under recovery of NPAs through aggressive recovery campaigns such as, Vijaya Adalats and Settlement Camps with greater HO participation. | |
| * | To increase the client base and focus on attractive business propositions. | |
| * | To focus on improving fee based income and aggressively promote fee-based non-fund based business like LCs and Bank Guarantees/ DPGs etc. | |
| * | To ensure compliance with BASEL II capital adequacy requirements by Sept 2008, ahead of the prescribed schedule of March 2009. | |
| DIVIDEND | ||
| * | The Board has recommended a final dividend of 10% taking the total dividend to 20 % for the financial year 2006-07. | |