Friday, May 31, 2002
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By Our Special Correspondent
Announcing the results, the Chairman and Managing Director, S. S. Kohli, said the net profit had been calculated after making higher provisions of Rs. 911 crores towards income tax, wealth tax, NPAs, standard assets, gratuity, pensions bonus, depreciation as against a provision of Rs. 482 crores in the previous year. The gross profit touched Rs. 1,473 crores including Rs. 438 crores from treasury operations marking an increase of 56 per cent. Similarly the bank's capital and reserves at the end of March 2002 rose to Rs. 3216 crores, an increase of 20 per cent while the total turnover rose to Rs. 98,492 crores which was 17 per cent higher than the previous year. Mr. Kohli said the capital to risk asset ratio too recorded an improvement. It stood at 10.70 per cent as on March 2002 against 10.24 per cent at the end of the earlier year. Total deposits at the end of the financial year were Rs. 64,123 crores. While current deposits showed a growth of 7.1 per cent, saving deposits went up by 16.9 per cent. An IPO with which the bank had come out with towards the end of March received overwhelming response from the public. It was oversubscribed 4.23 times, he asserted adding that it was listed in the exchanges on April 26 and was trading well above the issue price.
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