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UTI Bank’s profit rises 39% on corporate loans

UTI Bank’s profit rises 39% on corporate loans
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First Published: Tue, Apr 17 2007. 04 35 PM IST
Updated: Tue, Apr 17 2007. 04 35 PM IST
By Sumit Sharma/Bloomberg
Mumbai: UTI Bank Ltd, which makes the lowest provisions for loan losses among India’s 15 biggest banks, said fourth-quarter profit rose 39% as corporate lending offset the impact of rising interest rates.
Net income rose to Rs212 crore ($51 million) in the three months ended 31 March, against Rs152 crore a year earlier, the Mumbai-based bank said in a statement to the Bombay Stock Exchange. The profit exceeded the Rs186 crore median estimate of six analysts surveyed by Bloomberg.
UTI Bank’s earnings rose as it made more from loans to Indian companies and increased income from fees and commissions in an $854 billion economy that’s poised to expand more than 8% for a fourth straight year.
The bank’s interest and non-interest income rose to Rs1,668 crore, from Rs1,061 crore. Non-interest income rose to Rs301 crore from Rs228 crore, it said.
The Mumbai-based bank’s capital adequacy ratio, a key measure of a bank’s financial strength and expressed as a ratio of its capital to risk weighted assets, rose to 11.57% from 11.08%.
Provisions for bad loans fell to Rs8.29 crore from Rs21.36 crore a year earlier, the bank said.
The bank’s shares gained 4.5% during the quarter to 31 March, compared with a 7.7% decline of the 16-member Bankex index, and 5.2% fall in the Bombay Stock Exchange’s benchmark Sensex index.
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First Published: Tue, Apr 17 2007. 04 35 PM IST