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Other income (non-interest revenue) for the quarter ended March 31, 2011 was `1,255.8
crores up 32.1% over that in the corresponding quarter ended March 31, 2010. The main contributor
to other income for the quarter was fees & commissions of `1,000.6 crores, up by 23.2% over `812.5
crores in the corresponding quarter ended March 31, 2010. The other major component of other
income was foreign exchange & derivatives revenue of `245.4 crores as against `180.1 crores for the
corresponding quarter of the previous year. The Bank earned a profit of `8.6 crores on revaluation
/ sale of investments for the quarter ended March 31, 2011 as against a loss of `47.3 crores in the
quarter ended March 31, 2010.
Operating expenses for the quarter were `1,998.4 crores, an increase of 24.3% over `1,607.8
crores during the corresponding quarter of the previous year. The cost-to-income ratio for the
quarter was stable at 48.8% as against 48.7% for the corresponding quarter ended March 31, 2010.
Provisions and contingencies were `431.3 crores (including specific loan loss and floating provisions
of `330.1 crores) for the quarter ended March 31, 2011 as against `439.9 crores (including specific
loan loss and floating provisions of `322.8 crores) for the corresponding quarter ended March 31,
2010. After providing `550.8 crores for taxation, the Bank earned a Net Profit of `1,114.7 crores, an increase of 33.2% over the quarter ended March 31,
2010.
Profit & Loss Account: Year ended March 31, 2011
For the year ended March 31, 2011, the Bank earned total income of `24,263.4 crores. Net
revenues for the year ended March 31, 2011 were `14,878.3 crores, up by 20.3% over `12,369.5
crores for the year ended March 31, 2010. The Bank’s net profit for year ended March 31, 2011 was
`3,926.4 crores, up 33.2%, over the year ended March 31, 2010. Consolidated net profit for the Bank
increased by 32.9% to `3,992.5 crores for the year ended March 31, 2011.
Balance Sheet: As of March 31, 2011
The Bank’s total balance sheet size increased by 24.7% from `222,459 crores as of March
31, 2010 to `277,353 crores as of March 31, 2011. Total net advances as of March 31, 2011 were
`159,983 crores, an increase of 27.1% over March 31, 2010. Total deposits were at `208,586 crores,
an increase of 24.6% over March 31, 2010. Savings account deposits grew 27.2% over the previous
year to reach `63,448 crores, while current account deposits at `46,460 crores, registered a growth
of 24.8% over the same period. Adjusting current account deposits for one-offs at year end the core
CASA ratio was at 51% of total deposits as at March 31, 2011.
Capital Adequacy:
The Bank’s total Capital Adequacy Ratio (CAR) as at March 31, 2011 (computed as per
Basel II guidelines) stood at 16.2% as against 17.4% as of March 31, 2010 and against the regulatory
minimum of 9.0%. Tier-I CAR was 12.2% as of March 31, 2011. During the year 74.8 lac shares
were allotted by the Bank on the exercise of options granted earlier under various employee stock
option plans. As a result, equity share capital increased by `7.5 crores and reserves (share premium)
by `820.7 crores.
DIVIDEND
The Board of Directors recommended an enhanced dividend of `16.50 per share for the year
ended March 31, 2011, as against `12.0 per share for the previous year. This would be subject to
approval by the shareholders at the next annual general meeting.
NETWORK
As of March 31, 2011, the Bank’s distribution network was at 1,986 branches and 5,471
ATMs in 996 cities as against 1,725 branches and 4,232 ATMs in 779 cities as of March 31, 2010.
The Bank’s total customer base was 21.9 million as of March 31, 2011.
ASSET QUALITY
Asset quality continued to remain healthy with gross non-performing assets as on March 31,
2011 at 1.1% of gross advances as against 1.4% at the end of the previous year. The ratio of net non-
performing assets to net advances as of March 31, 2011 was at 0.2%, down from 0.3% as at March
31, 2010. The Bank’s provisioning policies for specific loan loss provisions remained higher than
regulatory requirements. The NPA coverage ratio based on specific provisions (not including write-
offs, technical or otherwise) was at 82.5% as on March 31, 2011 while that on March 31, 2010 was
74.8%. Total restructured loans (including applications received and under process for restructuring)
were at 0.4% of gross advances of which 0.1% were restructured loans classified as NPAs as on
March 31, 2011.
SUBDIVISION (SPLIT) OF THE BANK’S EQUITY SHARES
The Board of Directors considered and approved the sub-division (split) of one equity
share of the Bank having a nominal value of `10 each into five equity shares of nominal value of
`2 each. The record date for the same shall be determined subsequently. The sub-division of shares
will be subject to approval of the shareholders and any other statutory and regulatory approvals, as
applicable.
Note:`= Indian Rupees1 crore = 10 millionAll figures and ratios are in accordance with Indian
GAAP.
Certain statements are included in this release which contain words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will
continue,”“anticipate,” “estimate,” “intend,” “plan,”“contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue”
and similar expressions or variations of these expressions that are “forward-looking statements.” Actual results may differ materially from those
suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited
to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, future levels of our
nonperforming loans, our growth and expansion, the adequacy of our allowance for credit and investment losses, technological changes, volatility in
investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and
in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes
in banking regulation and other regulatory changes in India and other jurisdictions on us, our ability to roll over our short-term funding sources
and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially
different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from
those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-
looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in
India and the other countries which have an impact on our business activities or investments, caused by any factor including terrorist attacks in India
or elsewhere, anti-terrorist or other attacks by any country, military armament or social unrest in any part of India; the monetary and interest rate
policies of the government of India; natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity
prices or other rates or prices; the performance of the financial markets in India and globally; changes in Indian and foreign laws and regulations,
including tax, accounting and banking regulations; changes in competition and the pricing environment in India; and regional or general changes in
asset valuations.
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