The Hindu Business Line : United Western net up 6.7 pc

THE Satara-based United Western Bank has posted a 3.5 per cent increase in net profit for the fourth quarter ended March 31, 2003 at Rs 12.66 crore up from Rs 12.23 crore in the corresponding period in the previous year.

For the full year, the private sector bank registered a 6.7 per cent increase in net profit at Rs 27.51 crore as compared to Rs 25.76 crore in the previous year.

The bank had focussed more on computerisation of branches and recovery of NPAs, said Mr Satish Marathe, Chairman & CEO of the bank, at a press conference held here on Monday. Mr Marathe was appointed in January 2003 to replace Mr S.T. Gadre who was sacked by RBI.

The bank plans to computerise 65 of its branches in the current year. As part of its NPA recovery plan, it had filed 280 cases before the Debt Recovery Tribunal and recovered loans worth Rs 58 crore in the previous year, said Mr Marathe.

Asked about the bank's joint venture plans with SICOM, Maharashtra State's industrial and infrastructure financing body, said Mr Marathe, ``RBI has still not given a nod to the starting of the joint venture focussed on NRI business and investments. We have not mooted any further action on the proposal.'' SICOM holds 9 per cent stake in the bank.

Total income for the quarter ended March 31, 2003 increased to Rs 183.84 crore (Rs 168.33 crore) even as total income for the full year dipped to Rs 621.88 crore (Rs 644.99 crore).

Total expenditure for the fourth quarter increased to Rs 127.25 crore (Rs 119.19 crore) while total expenditure for the full year fell to Rs 483.83 crore (Rs 491.54 crore).

Interest earned for the quarter dipped marginally to Rs 122.91 crore (Rs 124.17 crore) while other income rose to Rs 60.93 crore (Rs 44.16 crore).

Gross NPAs of the bank increased to Rs 447.72 crore from Rs 389.08 crore in the previous year and net NPAs increased marginally to Rs 298.95 crore (Rs 284.99 crore). The net NPA to net advances ratio decreased to 9.50 per cent (10.72 per cent).

The net interest margin of the bank for the year ended March 31, 2003 increased to 2.25 per cent (2 per cent).

Article E-Mail :: Comment :: Syndication

Stories in this Section
Huge forex reserves is handy tool for RBI

Rupee firmer; gilts gain

United Western net up 6.7 pc

ACCBank selects Flexcube

RBI to inspect bank chests

SBI Mutual to ride on parent's network

Plan to rope in more banks for collection of tax dues

Dist administration helps banks recover dues

Jalan rules out repo rate cut

AP co-op bank victims stage rally