Major highlights of the Bank's performance during the first half of the 1999-2000 based on the unaudited financial results(provisional) of the Bank for the half year- ended September 1999 are summarised briefly below:

• Operating Profit of the Bank stood at Rs.220 crore and Net Profit at Rs.106 crore at September-end 1999 after making appropriate provisions. Provisions include, among other things, provision towards standard assets on pro-rata basis for the six months ended September 1999.
• As at September-end 1999 the ratio of Non Performing Assets (NPAs) to advances on gross basis of the Bank stood at 12.8 per cent compared to 13.2 per cent at September-end 1998. NPAs on net basis have come down to 8.3 percent at September-end 1999 from 8.9 percent as at September-end 1998.
• Global Deposits of the Bank touched Rs.46,883 crore - a growth of 12.1 per cent over September-end 1998 level of Rs.41,816 crore. Domestic deposits stood at Rs.36,623 crore (growth of 10.3 per cent) and deposits at foreign branches amounted to Rs.10,260 crore thereby recording a growth of 19.2 per cent over September-end 1998 figures.
• Global advances of the Bank on gross basis stood at Rs.26,051 crore - a growth of 9.2 per cent over the September-end 1998 level of Rs.23,863 crore. Domestic credit amounted to Rs.19,278 crore (growth of 7.6 per cent) and advances at foreign branches stood at Rs.6,773 crore or a growth of 14.0 per cent as compared to the levels at September-end 1998.
• Ratio of Priority Sector advances to Domestic credit has increased from 48.8 per cent at September-end 1998 to 49.1 per cent for September-end 1999 against the stipulated ratio of 40 per cent.
• As at September-end 1999 the Bank has 2520 branches (Indian 2501, foreign 18 and one Representative office at Jakarta, Indonesia). The number of specialised branches during the half year increased from 83 to 84.
• The Bank is increasing focus on Personal Banking as an important segment of growth. Housing loans, Auto finance and Consumer finance schemes are being repositioned with revised features. As a matter of national importance, housing finance scheme with attractive features is being re-drawn to give thrust to this important sector. The Bank has plans to substantially expand its present network of 13 Commercial and Personal (C&P) branches to cater to the needs of high net worth individuals by providing better ambience and personalized service in a high-tech environment.
• With its wide network of branches, the Bank has good competitive edge in providing other fee based retail services. The Bank plans to enter insurance business by way of a subsidiary or a joint venture when the sector is opened up. This diversification would provide good fee based income to the Bank in a cost-effective manner.
• One of the first Banks in India to enter Bullion business, the Bank offers attractive schemes for sale of gold including duty free gold to exporters. The Bank also shortly proposes to launch Bullion loan and Gold Deposit scheme and retail sale of gold.

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