UTI Bank has posted a 44.82 per cent rise in its net profit at Rs 278.31 crore (Rs 2.78 billion) for the financial year ended March 31, 2004 as against Rs 192.18 crore (Rs 1.92 billion) in 2002-03.
The board has recommended a 25 per cent dividend for the year ended March 31, 2004 (22 per cent in FY03), the private sector bank said in a release on Thursday.
The total income for the reporting year rose to Rs 2,126.86 crore (Rs 21.27 billion) from Rs 1,875.28 crore (Rs 18.75 billion) in the previous fiscal.
The net profit and total income for the fourth quarter ended March 31, 2004 stood at Rs 87.09 crore (Rs 870.9 million) [Rs 60.53 crore (Rs 605.3 million) for Q4 of FY03) and Rs 513.97 crore (Rs 5,139.7 million), respectively.
Commenting on the performance in Q4, UTI Bank said growth in assets, lower cost of funds and higher share of demand deposits contributed to the rise in net income at Rs 164.14 crore (Rs 1.64 billion) [Rs 109.98 crore (Rs 1.10 billion) in Q4 of FY03).
The balance sheet size rose by 23 per cent to Rs 24,150 crore (Rs 241.50 billion) as on March 31, 2004 as against Rs 19,613 crore (Rs 196.13 billion). The deposit base grew by 24 per cent to Rs 20,954 crore (Rs 209.54 billion) [Rs 16,965 crore (Rs 169.65 billion) as on March 31, 2003].
The net advances were up by 30 per cent at Rs 9,363 crore (Rs 93.63 billion) for FY04 [Rs 7,180 crore (Rs 71.80 billion) for FY03]. The retail advances grew by 87 per cent to Rs 2,052 crore (Rs 20.52 billion) from Rs 1,100 crore (Rs 11 billion) in FY03.
The net non-performing assets for the year were down to 1.03 per cent as on March 31, 2004 (1.92 per cent for FY03).
The capital adequacy ratio of the bank stood at 11.21 per cent (tier one - 6.44 per cent and tier two - 4.77 per cent) as on March 31, 2004.
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