Highlights of the Financial Results
for the quarter ended 30.06.07
The Bank posted a net profit of Rs
72.84 crores as at 30th June, 2007 thus registering an
impressive year on year growth of 43.11 %
The Operating Profit at the end of
the quarter at Rs. 117.61 crores was higher by 14.74%
over that of the corresponding period of the previous
year.
Interest on advances registered
an impressive increase of 62.48% (Rs167.50 crores),
year on year, on the back of a robust growth in advances
of over 36%, year on year.
Interest paid on deposits
also increased as a consequence of an increase in
deposit levels of Rs 5597crores,
year on year, and the upward movement of market
interest
rates during the past year. However, the Net Interest Income still grew
by 14.47%, other income by 7.70% while provisions
and contingencies were lower by 13.24%
, year on year.
Operating expenses increased by 10.86
% over the previous year mainly due to payment and
provisions to employees on account of exit option and
higher expenditure on rent, taxes, DICGC premium etc.
Provisions on income tax and FBT were
higher by Rs 17.15 crores (66.66%) as compared to the
corresponding period
of the previous year. However, no provisions were required
on NPAs as gross NPA declined by 8.58% year on year.
An additional provision of Rs 5.02 crores was made towards
depreciation on investments.
Capital Adequacy Ratio was at 11.25
% as against 11.39% in June 2006- the decline being
on account of a sharp
increase of 39.65% in risk weighted assets. Return on
Assets and Earning per Share were higher at 1.08 %( 1%)
and Rs 202 (Rs141) respectively over June 2006.
Gross NPA declined
to Rs.358.53 crores as on 30th June 2007 from Rs. 392.19
crores as on 30th June 2006 and
Rs. 383.76 crores as on 31st March 2007. As a consequence,
Gross NPA ratio declined to 2.07% as on 30th June 2007
from 3.09% as on 30th June 2006. It was 2.29% as on 31st
March 2007. The net NPA ratio also continued to decline.
It was 0.34% as on 30th June 2007, 0.45% as on 31st March
2007 and 0.57% as on 30th June 2006.
The Aggregate
Deposits of the Bank reached a level of Rs. 22871 crores
registering a growth of Rs. 1476 crores
over March 2007 at an annualised growth rate of 27.59
%. The Non food Credit increased by Rs. 560 crores over
March 2007 to reach Rs.16890 crores at an annualized
growth rate of 13.71%. The growth rate achieved by the
Bank in deposits and advances are higher than the growth
figures of ASCB.
Foreign exchange turnover increased
to Rs.6680 crores registering a marginal growth of
4.41% over the turnover
achieved in the corresponding period last year.
The Bank extended credit assistance
of Rs. 13.34 crores to 1105 new Self Help Groups during
the quarter, taking the cumulative assistance to Rs.182.87
crores covering 23683 groups. The Bank has won the
second prize awarded by NABARD for the year 2006-07
in SHG-Bank Credit linkage achievement.
The Bank operationalised 23 ATMs during the quarter
taking the total to 270 (as on 30.06.07). All the 644
branches of the Bank which are on CBS have been enabled
to provide
Information
Technology enabled services viz, Internet Banking, RTGS
and NEFT.
