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UTI Bank Q1 net rises 45%

July 22, 2003 18:50 IST

UTI Bank Ltd has posted a 45.02 per cent increase in its net profit at Rs 52.18 crore (Rs 521.8 million) for the first quarter ended June 2003 as against Rs 35.98 crore (Rs 359.8 million) for the corresponding quarter last fiscal.

The total income for the quarter rose to Rs 544.2 crore (Rs 5,442 million) from Rs 391.8 crore (Rs 3,918 million) for the same quarter last year, the private sector bank said in a release in Mumbai on Tuesday.

The net interest income grew by 109.44 per cent at Rs 120.20 crore (Rs 1,202 million) in the first quarter.

The asset size in the balance sheet stood at Rs 18,585 crore (Rs 185,850 million) while the deposit base grew to Rs 16,410 crore (Rs 164,100 million) as on June 2003, it said.

Retail advances registered a significant jump moving to Rs 1,217 crore (Rs 12,170 million) as on end June compared to Rs 352 crore (Rs 3,520 million) as on June 30, 2002.

The net worth of the bank stood at Rs 971.74 crore (Rs 9,717.4 million) as on June 30, 2003 as compared to Rs 650.81 crore (Rs 6,508.1 million) a year ago while the capital adequacy ratio was at 10.71 per cent by June end as compared to 10.9 per cent at the end of March 2003.

The bank is in the process of raising Rs 100 crore (Rs 1,000 million) as Tier II capital, which will further raise the CAR.

The bank has moved to a 90-day non-performing asset recognition norm for the first time and the net NPAs as percentage of net customer assets were at 2.46 per cent as on June 03, it said.

Fees earned during the first quarter registered a marginal six per cent decline at Rs 32.55 crore (Rs 325.5 million) as compared to Rs 34.76 crore (Rs 347.6 million) in same quarter last year, mainly due to the reversal of unpaid lease rentals and ammortisation of fee income in accordance with the Reserve Bank of India directives, it added.

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