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UTI Bank on Monday clocked a volume of 1.41 lakh shares on the NSE, which brokers attributed to sustained interest in the stock by traders. The counter closed at Rs 260.25, down by 5 per cent.

The bank, it is pointed out, has declared fairly decent results for the first quarter ended March 2007, complete with a 30 per cent increase in net profit. Net interest income went up by 44 per cent or so on the back of a strong 65 per cent growth in net advances to Rs 25,836 crore, analysts say.

Operating expenses have, however, increased by 42 per cent to Rs 239 crore, while provisioning on assets has increased by 96 per cent to Rs 125 crore (following regulatory changes in the provisioning norms).

Banks, UTI Bank included, will be expected to improve asset quality in the days ahead, investors suggest.

Nilanjan Dey

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