Financial Daily from THE HINDU group of publications
Friday, Jul 15, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 15, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks UTI Bank Q1 net rises 31 pc Our Bureau
Mumbai , July 14 MAINTAINING an average rate of 30 per cent growth quarter-on-quarter, UTI Bank on Thursday reported a 31.07-per cent increase in net profit for the quarter ended June 30, at Rs 92.63 crore (Rs 70.67 crore). Dr P.J. Nayak, Chairman and Managing Director, UTI Bank, said, "Out of the last 21 quarters we have managed 30 per cent growth in 19 quarters." The total income for the first quarter 2005-06 increased to Rs 771.85 crore, from Rs 537.63 crore in the same quarter in 2004-05. Net interest income rose to Rs 222.48 crore (167.14 crore). Other income, which consists of fee income and trading income, increased to Rs 150.01 crore (Rs 110.08 crore). Capital adequacy ratio was at 11.74 per cent (11.11 per cent). Retail advances grew to Rs 4,320 crore (Rs 2,325 crore), while net deposits increased to Rs 31,020 crore (Rs 20,518 crore). The net interest margin (NIM) was 2.66 per cent (3.05 per cent). UTI Bank will focus on all segments for growth in this fiscal. Dr Nayak also said that an increase in deposit rates is likely this fiscal, as banks are growing aggressively. A press release from the bank said it continued to maintain its top position in the placement and syndication of corporate bonds. The bank placed debt to the tune of Rs 7,256 crore in Q1 of the current year as compared to Rs 2,068 crore in Q1 of the preceding year. The bank also continued to strengthen its focus on project advisory services. The bank has set up Retail Asset Centres (RAC) at eight cities and satellite RACs at 18 additional cities for focussed retail lending.
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