 Mumbai:
UTI
Bank has registered a 43.9-per cent increase in its net
profit for the quarter ended 31 March 2003 at Rs 60.53 crore
— up from Rs 42.06 crore in the corresponding quarter
of the previous year.
The
board of directors has recommended a dividend of 22 per
cent, which would work out to Rs 2.20 per share with a
total payout of Rs 47.71 crore.
The
profits were attributed to the growth in assets, both
retail and corporate, and the lowering of cost of funds,
says UTI Bank chairman P J Nayak. "Retail now constitutes
15 per cent of the balance sheet, up from 5 per cent in
2001-02 and we aim to take it to a quarter of our balance
sheet."
The
total income for the quarter increased to Rs 516.20 crore
from Rs 447.75 crore. Regarding UTI''s holding of 33.56
per cent in the bank, Nayak says: "If they are to
exit at all, it will be a secondary market transaction
between the existing investors. We will not be entering
the primary market in the near future."
The
promoters'' holding decreased this year by 8.15 per cent
by way of the preferential issue to foreign institutional
investors and institutional investors in March 2003.
For
the financial year ended 31 March 2003, the net profit
jumped by over 43 per cent to touch Rs 192.18 crore (Rs
134.14 crore). The total income for the full year increased
to Rs 1,875.28 crore (Rs 1,594.40 crore).
Meanwhile,
other income decreased to Rs 410.47 crore (415.87 crore),
and the interest earned for the fourth quarter grew by
over 13 per cent to Rs 396.49 crore (Rs 349.23 crore).
Other income grew to Rs 119.71 crore (Rs 118.52 crore).
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