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UTI Bank Q4 net up 30.2 pc, dividend for FY'06 at 35 pc

Written by: Staff

Mumbai, Apr 17 (UNI) UTI Bank Ltd has posted a net profit of Rs 151.73 crore for the quarter ended March 31 (Q4 FY 05-06) as compared to Rs 116.54 crore for the quarter ended March 31 last year (Q4 FY 04-05), an increase of 30.2 per cent.

Announcing the results, the bank said its total income had increased from Rs 722.42 crore in Q4 FY 04-05 to Rs 1060.72 crore for Q4 FY 05-06.

For the full-year ended March 31, the bank posted a net profit of Rs 485.08 crore for the year ended March 31 (FY 05-06) as compared to Rs 334.58 crore for the year ended March 31, last year (FY 04-05), a robust rise of 44.98 per cent.

During the year under review, total income had increased from Rs 2,339.98 crore in FY 04-05 to Rs 3,618.42 crore for FY 05-06.

The Board of Directors (BoD) of the bank have recommended the payment of dividend at 35 per cent (Rs 3.50 per equity share) on equity shares of the bank subject to the approval of the members at the ensuing annual general meeting and by the Reserve Bank of India.

A release issued here today pointed out that the bank's net interest margin for Q4 was 2.96 per cent as compared to 2.64 per cent for the same corresponding period last year, while the net advances had grown by 43 per cent YoY, stated the release, adding that retail advances also expanded 55 per cent YoY.

Total deposits grew 26 per cent YoY from Rs. 31,712 crores in FY 05 to to Rs 40,114 crores in FY 06 with demand deposits growing 33 per cent and constituting 40 per cent of the total deposits. Savings bank deposits grew 65 per cent YoY while current account deposits grew 11 per cent.

The advances of the bank increased to Rs 22,314-crore in FY 06 as against Rs 15,603-crore in FY 05, a growth of 43 per cent, while investments rose to Rs. 21,527 crores from Rs. 15,048 crores a year earlier, a growth of 43 per cent YoY, pointed out the release.

The share of low cost deposits - Savings Bank and Current Account - was 40 per cent in FY 06, higher by two per cent than the share of 38 per cent in FY 05. Savings bank deposits registered a growth of 65 per cent YoY, from Rs. 4,891 crores in FY 05 to Rs. 8,065 crores in FY 06, the release added.


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