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Friday, Oct 25, 2002

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Retail operations boost UTI Bank net 43 per cent

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MUMBAI, Oct. 24

HIGHER income from retail operations and fee-based activities coupled with `better' management of spreads have enabled UTI Bank to report a 42.71-per cent rise in net profit at Rs 44.17 crore for the quarter ended September 30 as against Rs 30.95 crore for the corresponding period in the previous year.

Interest earned has gone up to Rs 367.36 crore from Rs 274.10 crore. Income on investments fell to Rs 117.06 crore (Rs 132.63 crore). Other income touched Rs 118.37 crore, up from Rs 92.15 crore.

Total income has risen to Rs 485.73 crore from Rs 366.25 crore while total expenditure stands at Rs 372.20 crore (Rs 282.14 crore).

"Better management of spreads, higher income from retail operations and fee-based activities have improved the bottom line," said Mr P.J Nayak, Chairman, UTI Bank.

The capital adequacy ratio (CAR) as on September 30 stands at 9.66 per cent which decreased from 10.65 per cent as on March 31, 2002.

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Retail operations boost UTI Bank net 43 per cent

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