Financial Daily from THE HINDU group of publications
Sunday, Jun 30, 2002
Financial Daily from THE HINDU group of publications Sunday, Jun 30, 2002 |
|
|
|
|
|
Money & Banking
-
Private Banks Corporate Results - Private Banks GTB net suffers 60 pc fall Our Bureau
HYDERABAD, June 29 WELL in line with the market expectations, the private sector Global Trust Bank (GTB), has suffered a fall of 59.74 per cent in net profit for the year ended March 31, 2002, at Rs 40.26 crore against Rs 80.33 crore in the previous year. The bank also suffered a drop in total income at Rs 953.46 crore (Rs 1,061.94 crore). There was a significant fall both in deposits and advances during the year. As on March 31, 2002, the bank's capital adequacy ratio has fallen to 11.21 per cent from 12.71 per cent in the previous year. Following the utilisation of reserves to the tune of Rs 252 crore towards additional write off of non-performing assets (NPAs), the bank registered a fall of 41.55 per cent in reserves by the fiscal-end at Rs 272.96 crore against Rs 467.05 crore in the previous year. The ratio of net NPAs to net advances rose to 9.23 per cent by the fiscal end from 3.75 per cent as on March 31, 2001. The bank attributed this partly to the decrease in advances by Rs 1,067 crore at Rs 3,033 crore (Rs 4,100 crore). In an interesting move, the bank has for the first time decided to utilise the benefit of deferred tax asset of Rs 75 crore while making provision towards taxation. However, according to the GTB Managing Director, Mr Sudhakar Gande, this facility of deferred tax asset was not availed to announce positive profits for the year but was used as additional provisions over and above the amount required as per the Reserve Bank of India guidelines. Addressing newspersons here on Saturday after the board meeting that took on record the audited financial results for the year, Mr Gande said the bank has decided not to make certain disclosures such as `related party disclosure' and `segment reporting' as the applicability of both these accounting standards was made optional by the apex bank.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|