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Notes:
1. In terms of the master
circular on Prudential Norms on Income Recognition, Asset
Classification and Provisioning pertaining to the advances
portfolio dated 4th July 2002 issued by RBI, banks have to
adopt the 90 days overdue norm for classification of an advance
as NPA with effect from 31st March 2004. The Bank has adopted
the same from 1st April 2003.
2. Provisions and contingencies
are net of recoveries made against accounts which have been
written off as bad in the previous year/s.
3. During the period April
to September 2003, the Bank has sold its investments in Fascel
Limited. The loss on sale of these investments amounting to
Rs. 1156.28 lacs which was already provided for as diminution
for investments in the financial year ended 31st March 2003,
has been adjusted against the said provision. Consequently,
the figures of "other income" (point 2) and "provisions
and contingencies" (point D) are excluding the loss on
such sale and provision written back on the same.
4. Other income figures
for the quarter of the previous year (July to September 02),
include effect of securitisation of commercial vehicle finance
receivables resulting in an impact on net income of Rs. 5.97
crores. The income forms part of the Retail Lending activities
segment.
5. During the period, the
Bank has revised the estimated useful life of vehicles from
3 years to 4 years. Consequent to the same, the depreciation
for the period July to September 03 and for the period April
to September 03 are lower by Rs. 6.05 lacs and Rs. 11.19 lacs
respectively with profit before tax for the said period higher
by similar amounts.
6. Details of other
income forming part of the Consolidated unaudited results
are as follows :
| Sr. No. |
Particulars |
Quarter
Ended |
Half Year
Ended |
Year Ended |
Sep-03
(Unaudited)
Rs lacs |
Sep-02
(Unaudited)
Rs lacs |
Sep-03
(Unaudited)
Rs lacs |
Sep-02
(Unaudited)
Rs lacs |
Mar-03
(Audited)
Rs lacs |
| 1 |
Commission, Fees,
Exchange and brokerage
|
5711.60
|
3472.99
|
8774.41
|
6918.35
|
12682.29
|
| 2 |
Premium on insurance business
|
2021.55
|
1110.10
|
3333.85
|
1567.11
|
3988.60
|
| 3 |
Profit on sale of investments
|
2845.26
|
1111.99
|
6120.15
|
(135.91) |
6455.96
|
| 4 |
Others
|
475.03
|
1388.81
|
890.18
|
2175.90
|
3274.52
|
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Total - Other income |
11053.44 |
7083.89 |
19118.59 |
10525.45 |
26401.37 |
7. The Bank was operating
as a Non Banking Finance Company (NBFC) till 21st March 2003.
The segment reporting was based on the classification of business
segments when it was a NBFC. Consequent to becoming a Bank,
it has adopted the segment reporting required as a bank. As
a result of the same, segment information for the current
period may not be strictly comparable with that of the previous
year.
8. The Bank's business
has been segregated into the following segments whose principal
activities are as under :
| Segment |
Principal activity |
| Treasury |
Money market, forex market, derivatives and investments
other than strategic investments |
| Corporate Banking |
Wholesale borrowings and lendings and services to
corporate sector |
| Retail liabilities and branch banking |
Retail borrowings covering savings and current accounts
and banking branch network and services. |
| Retail Lending Activities |
Commercial vehicle finance, personal loans, home loans,
agriculture finance and other loans/services. |
| Corporate Centre |
Strategic investments and group activities |
The above segments have
been identified based on the organization structure, the customer
segment, products and services offered and its relation to
risk and reward, and the internal reporting process.
A transfer pricing
mechanism between all the above segments have been established
to arrive at interest cost on the borrowings of the segments.
Since the monies borrowed/ capital employed is used between
segments interse, it is not possible to provide segment wise
capital employed and hence the same has not been disclosed.
9. Status of shareholder complaints received during the quarter
ended 30th September 2003 :
| Total complaints pending as at 30th June
2003 |
Nil |
| Total complaints received during the quarter ended 30th
Sept. 2003 |
185 |
| Total complaints resolved during the quarter ended 30th
Sept. 2003 |
185 |
| Total complaints pending as at 30th Sept. 2003 |
Nil |
10. The Board took on record
the above results at the meeting held on 22nd October 2003.
11. The above results for
the quarter and half year ended 30th September 2003 (of the
standalone entity), have been subjected to a "limited
review" by the statutory auditors of the Bank.
12. Figures for the previous
period/ year have been regrouped wherever necessary to conform
to current year's presentation.
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