UTI Bank net increases 135%

Private sector UTI Bank posted a jump of 135.85 per cent in net profit to Rs 109.01 crore for the second quarter ended September 2005 compar...

Private sector UTI Bank posted a jump of 135.85 per cent in net profit to Rs 109.01 crore for the second quarter ended September 2005 compared to Rs 46.22 crore in the corresponding quarter of the last fiscal.

The bank had transferred a large portfolio of government securities to the held-to-maturity category in 2004, resulting into low profits in the reporting quarter of 2004.

The bank clocked a 61 per cent rise in deposits to Rs 34,055 crore as against Rs 21,212 crore in 2004. Bank’s net advances reported a growth of 75% to Rs 18,404 crore (Rs 10,498 crore), with retail advances posting a growth of 90% to Rs 5,123 crore. Explaining the robust growth in retail business, PJ Nayak, chairman, UTI Bank said: “We will continue to focus on retail segment, particularly growing low cost demand deposits.”

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The net interest income registered a impressive growth of 41% to Rs 255.45 crore (Rs 180.72 crore). Meanwhile, the other income inched to Rs 178.13 crore as against a loss of Rs 3.59 crore last year.

The net interest margin increased to 2.80% as compared to 2.66% in the corresponding quarter last year. Meanwhile bank’s cost of funds increased to 4.89% compared to 4.73% last year.

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