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May 8, 2001
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Money > Business Headlines > Report May 8, 2001 |
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UTI Bank says no merger for 1 yearBS Banking Bureau UTI Bank has ruled out merger with any other private bank in the next one year. It has decided to trudge it alone by increasing both retail and corporate operations. "We are not looking for any mergers in the next one year. We will concentrate on growing alone," said P J Nayak, chairman and managing director, UTI Bank. Last month, the bank had called off the proposal to merge with Global Trust Bank to create the largest private sector bank in the country. The bank has also drawn up plans to come out with a preference allotment in the first half of the current fiscal. "We would have raised equity in March but the same was deferred because of the merger attempt with GTB. We have spoken to a number of investors both overseas and strategic, and will be going in for a preferential allotment," Nayak said. UTI Bank has posted a 69 per cent increase in net profit for the year ended March 2001, fuelled by a high growth in other income at Rs 861.2 million (Rs 509.2 million). Its net profit for the fourth quarter ended March 2001 has shown only a marginal increase to Rs 279.2 million from Rs 274.2 million the previous year on the back of depreciation in the mark-to-market investments of the Rs 280.6 million equity portfolio of the bank. Nayak added that the bank will be able to encash this investment in the future. The other income of the bank for the year has risen by 79 per cent to Rs 1.63 billion from Rs 911.7 million the previous year. The total income of the bank has shown a jump of 83.25 per cent to Rs 10.526 billion (Rs 5.744 billion). The expenditure of the bank has increased by around 100 per cent to Rs 9.201 billion (Rs 4.582 billion). According to Nayak, the jump in expenditure is due to the hike in the bank's branch network from 49 branches and 4 extension counters to 86 branches and 15 extension counters. UTI Bank has also increased its ATM network from 69 to 303 as on March 2001. The deposits of the bank for the year have jumped by 59 per cent to Rs 90.921 billion (Rs 57.33 billion), while advances moved up by 36 per cent to Rs 48.88 billion (Rs 35.86 billion). The saving deposits of the bank have risen by 86 per cent to Rs 5.689 billion (Rs 3.06 billion). UTI Bank's capital adequacy ratio has fallen to 11.17 per cent against the Reserve Bank of India stipulated nine per cent. Net non-performing assets have dropped to 3.6 per cent from 4.71 per cent. Powered by YOU MAY ALSO WANT TO READ:
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