|
Audited Financial Results for the Year Ended 31st March, 2009
| (Rs.in Lakhs) |
Particulars |
Quarter Ended
31.03.2009
(Audited) |
Quarter Ended
31.03.2008
(Audited) |
Year Ended
31.03.2009
(Audited) |
Year Ended
31.03.2008
(Audited) |
1. Interest earned (a)+(b)+(c)+(d) |
216428 |
177819 |
812138 |
650856 |
(a) Interest/discount on advances / bills |
163949 |
129488 |
619666 |
475525 |
(b) Income on investments |
46604 |
45335 |
175518 |
157204 |
(c) Interest on balances with Reserve Bank |
|
|
|
|
of India and other inter-bank funds |
5323 |
2181 |
14358 |
10430 |
(d) Others |
552 |
815 |
2596 |
7697 |
2. Other Income |
35634 |
27510 |
101990 |
77213 |
3. Total Income (1+2) |
252062 |
205329 |
914128 |
728069 |
4. Interest Expended |
178957 |
138783 |
647668 |
502081 |
5. Operating Expenses (i) + (ii) |
40361 |
33856 |
146298 |
130593 |
(i) Employees Cost |
27509 |
23081 |
99754 |
89454 |
(ii) Other operating expenses |
12852 |
10775 |
46544 |
41139 |
6. Total Expenditure (4+5) |
219318 |
172639 |
793966 |
632674 |
(excluding Provisions and Contingencies) |
|
|
|
|
7. Operating Profit |
32744 |
32690 |
120162 |
95395 |
(Before Provisions and Contingencies) (3-6) |
|
|
|
|
8. Provisions (other than tax) and Contingencies |
21721 |
25521 |
63128 |
57630 |
...of which provision for NPA |
7124 |
17200 |
26842 |
37007 |
9. Exceptional Items |
|
|
|
|
10. Profit(+)/Loss(-) from Ordinary Activities before tax (7-8-9) |
11023 |
7169 |
57034 |
37765 |
11. Tax expenses |
3567 |
2119 |
8684 |
5669 |
… of which provision for FBT |
75 |
116 |
268 |
309 |
12. Net Profit(+)/Loss(-) from Ordinary Activities after tax (10-11) |
7456 |
5050 |
48350 |
32096 |
13. Extraordinary items (net of tax expenses) (MAT Credit) |
(2800) |
(3549) |
(7422) |
(9120) |
14. Net Profit/(Loss) for the period (12-13) |
10256 |
8599 |
55772 |
41216 |
15. Paid-up equity share capital (Face Value Rs.10/- each) |
54936 |
79936 |
54936 |
79936 |
16. Reserves excluding revaluation reserves |
224571 |
168517 |
224571 |
168517 |
(As per balance sheet of previous accounting year) |
|
|
|
|
17. Analytical Ratios |
|
|
|
|
(i) Percentage of shares held by Govt. of India |
63.59% |
74.98% |
63.59% |
74.98% |
(ii) Capital Adequacy Ratio: Basel-I |
9.75% |
10.09% |
9.75% |
10.09% |
Basel-II |
11.93% |
11.02% |
11.93% |
11.02% |
(iii) Earning per share (EPS) (in Rs.) (Not Annualised) |
|
|
|
|
a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year |
1.36 |
0.63 |
6.62 # |
4.02 |
b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year |
1.87 |
1.08 |
7.63 # |
5.16 |
(iv) NPA Ratios |
|
|
|
|
a) Amount of Gross NPA |
153951 |
165195 |
153951 |
165195 |
b) Amount of Net NPA |
81267 |
109230 |
81267 |
109230 |
c) % of Gross NPA |
2.21 |
2.97 |
2.21 |
2.97 |
d) % of Net NPA |
1.18 |
1.98 |
1.18 |
1.98 |
e) Return on Assets (Annualised) (%) |
0.40% |
0.40% |
0.59% |
0.52% |
18. Public Shareholding |
|
|
|
|
- No. of Shares |
200000000 |
200000000 |
200000000 |
200000000 |
- Percentage of Shareholding |
36.41% |
25.02% |
36.41% |
25.02% |
19. Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
Number of Shares |
Nil |
Nil |
Nil |
Nil |
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
Nil |
Percentage of Shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
Nil |
b) Non-Encumbered |
|
|
|
|
Number of Shares |
349360000 |
599360000 |
349360000 |
599360000 |
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
100% |
Percentage of Shares (as a % of the total share capital of the Company) |
63.59% |
74.98% |
63.59% |
74.98% |
# If there is no change in capital structure in the current year Earnings Per Share before and after Extraordinary item would have been Rs.6.05 and Rs. 6.98 respectively.
Segment Reporting as on 31.03.2009
PART : A BUSINESS SEGMENT
(Rs.in Lakhs) |
Sl.No. |
Particulars |
Qrt Ended
31.03.2009
(Audited) |
Qrt Ended
31.03.2008
(Audited) |
Year Ended
31.03.2009
(Audited) |
Year Ended
31.03.2008
(Audited) |
1) |
Segment Revenue |
|
|
|
|
|
i) Treasury Operations |
67569 |
59853 |
231435 |
200597 |
|
ii) Corporate/Wholesale Banking |
111183 |
87132 |
374462 |
266677 |
|
iii) Retail Banking |
72127 |
56902 |
299239 |
257759 |
|
iv) Other Banking Operations |
1179 |
1436 |
8986 |
3029 |
|
v) Unallocated |
3 |
6 |
5 |
7 |
|
Total Income from operation |
252062 |
205329 |
914128 |
728069 |
2) |
Segment Results |
|
|
|
|
|
i) Treasury Operations |
18400 |
8442 |
6739 |
1082 |
|
ii) Corporate/Wholesale Banking |
(1190) |
(5294) |
23689 |
14780 |
|
iii) Retail Banking |
(4974) |
4617 |
25976 |
25854 |
|
iv) Other Banking Operations |
1179 |
1436 |
8986 |
3029 |
|
v) Unallocated |
(2392) |
(2033) |
(8356) |
(6980) |
|
Total Profit Before Tax |
11023 |
7168 |
57034 |
37765 |
3) |
Capital Employed |
|
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
|
i) Treasury Operations |
61866 |
37024 |
61866 |
37024 |
|
ii) Corporate/Wholesale Banking |
159957 |
115603 |
159957 |
115603 |
|
iii) Retail Banking |
127684 |
106415 |
127684 |
106415 |
|
iv) Other Banking Operations |
0 |
0 |
0 |
0 |
|
v) Unallocated |
46198 |
44179 |
46198 |
44179 |
|
Total Capital Employed |
395705 |
303221 |
395705 |
303221 |
PART : B GEOGRAPHIC SEGMENT
| (Rs.in Lakhs) |
Particulars |
Qrt Ended
31.03.2009
(Audited) |
Qrt Ended
31.03.2008
(Audited) |
Year Ended
31.03.2009
(Audited) |
Year Ended
31.03.2008
(Audited) |
Domestic |
|
|
|
|
i) Revenue |
243970 |
196799 |
879481 |
694069 |
ii) Assets |
10429113 |
8381513 |
10429113 |
8381513 |
International |
|
|
|
|
i) Revenue |
8092 |
8530 |
34647 |
34000 |
ii) Assets |
737304 |
597981 |
737304 |
597981 |
Global |
|
|
|
|
i) Revenue |
252062 |
205329 |
914128 |
728069 |
ii) Assets |
11166417 |
8979494 |
11166417 |
8979494 |
NOTES
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The financial results for the year ended 31.03.2009 have been audited by statutory central auditors and approved by the Board of Directors at its meeting held on 8th May, 2009.
-
The financial results for the year ended 31.03.2009 have been arrived at after providing for non-performing assets, standard assets and investment depreciation as per prudential norms issued by the Reserve Bank of India (RBI) and making necessary provision for Income Tax, Deferred Tax. Fringe Benefit Tax, Depreciation on Fixed Assets, etc.
-
In terms of the Revised Accounting Standard (AS)-15 necessary provision for Employee Benefits viz. Pension, Gratuity, Leave Encashment, Sick Leave, LFC/LTC, etc. has been made. Rs.118.07 crore (Rs.71.97 crore) towards current year’s liability and Rs.88.68 crore (Rs.88.68 crore) towards amortisation of the increase in liability have been charged to Profit & Loss Account. The unamortised portion of the increase in liability is Rs.266.06 crore (Rs.354.75 crore) as on 31.03.2009.
-
On approval of Bank’s capital restructuring plan by the GOI effective from 22.12.2008, Bank has converted Rs.250 crore out of equity holding of the GOI into Perpetual Non-Cumulative Preference Shares (PNCPS) of equal amount carrying a coupon rate of Repo + 100 basis points to be reset annually, resulting in reduction of Bank’s equity share capital from Rs.799.36 crore to Rs.549.36 crore and GOI’s equity share holding from 74.98%to 63.59%. EPS for three months / year ended 31.03.2009 has been arrived at taking into account the above restructuring. GOI has further subscribed to PNCPS of Rs.450 crore on 30.03.2009 carrying an annual floating coupon benchmarked to Repo rate with a spread of 100 basis points to be reset annually. These PNCPS form part of Tier I Capital.
-
During the year the Bank has raised subordinated debt of Rs. 275 crore (Rs.420 crore) by issue of unsecured redeemable bonds under Tier II Capital.
-
Pending outcome of negotiations on wage revision between Indian Banks’ Association on behalf of member banks and Unions of workmen / officers, an ad-hoc provision of Rs.50 crore has been made during the quarter aggregating to Rs.150 crore for the year ended 31.03.2009.
-
On implementation of GOI’s “Agricultural Debt Waiver & Debt Relief (ADWDR) Scheme 2008”, the preliminary claim, duly certified by the Central Statutory Auditors of the Bank for Rs. 525.28 crore was lodged with RBI. Rs. 215.36 crore being 41% of the claim lodged has been reimbursed by the RBI during the year ended 31st March, 2009. However, no effect has been given in the accounts in respect of the Debt Relief Scheme to Other Farmers for the year ended 31st March, 2009.
-
Observation of the Central Statutory Auditors : Provision of Rs.50 crore against advances by way of Credit Linked Notes (CLNs) amounting to Rs.101.44 crore following petition for bankruptcy by a holding company of the issuer of CLNs.
Our reply : The bankruptcy of issuer of CLNs is one of the Events of Default and the issuer has to thereupon deliver the FCCBs to the CLN holder. Bank has lodged claim with the Bankruptcy Trustee for the underlying FCCBs issued by the reference entities which are of good rating and financial standing. Bank as an abundant precaution has made provision of Rs.50 crore during the year against these CLNs and continues to recognize this as Standard Advance.
-
As per Guidance Note on Accounting for credit available in respect of MAT under the Income Tax Act, 1961, bank has recognized MAT credit of Rs.74.22 crore (Rs.91.20 crore), as bank opines that the MAT credit can be set off within the specified period as per I.T.Act, 1961.
-
Reconciliation of outstanding entries in Suspense Accounts and Inter Branch/Office Accounts has been completed up to 31.03.2009 and reconciliation for the remaining period is also in progress. The impact of such reconciliation on the accounts will not be material.
-
Dividends @ Re.1 per equity share of Rs.10 each and at stipulated rate on PNCPS have been recommended by the Board.
-
Number of Investor Complaints:- (i) Outstanding at the beginning of the quarter-07, (ii) Received during the quarter-316, (iii) Disposed of during the quarter-320 and (iv) Outstanding at the end of the quarter-3.
- The previous period figures have been regrouped /rearranged wherever necessary.
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For UCO Bank
Subodh Kumar Goel
(Chairman & Managing Director) |
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|
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Brij Mohan Mittal
Executive Director |
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Virendra Kumar Dhingra
Executive Director |
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Place: Kolkata
Date: 08.05.2009 |
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