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Friday, Apr 22, 2005

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UTI Bank Q4 net up 34 pc

Our Bureau

Mumbai , April 21

UTI Bank's net profit rose by 33.82 per cent to Rs 116.54 crore for the quarter ended March 31, 2005 as compared to Rs 87.09 crore for the corresponding quarter last year mainly on growth in fee income and advances.

The bank has recommended a dividend of Rs 2.80 per share (28 per cent).

Total income for the fourth quarter 2004-05 increased to Rs 722.42 crore (Rs 516.23 crore).

This consists of net interest income, which moved up to Rs 196.29 crore (Rs 166.40 crore) and fee and other income, which rose to Rs 110.26 crore (Rs 67.82 crore). Total expenditure was Rs 115.96 crore (Rs 89.63 crore).

Other income is high because of a jump in fee income. Though interest income had gone up, fees had gone up by a substantial amount, said Dr P. J. Nayak, Chairman and Managing Director, UTI Bank.

For the full year, the bank reported a growth of 67 per cent in net advances of Rs 15,603 crore (Rs 9,363 crore). Retail was the largest contributor at Rs 4,184 crore, higher by 104 per cent from the earlier year's Rs 2,052 crore.

"The growth in retail advances comprises housing, auto and personal loans. Retail is the main driver in the advances,'' Dr Nayak said.

About the growth prospects for the next financial year, Dr Nayak said, "On the corporate side, additional capacities are being announced by companies.

Therefore, there will be cyclical demand. Retail growth will continue as demographic changes will lead to increase in demand for home loans."

Capital adequacy ratio was at 12.66 per cent, up from 11.21 per cent. The UTI Bank stock closed at Rs 236.35 on Thursday, up from Wednesday's close of Rs 228.80.

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