1st Quarter Results

13 Jul 2006 14:23

UTI Bank Limited13 July 2006 UTI Bank Regd. Office : 'Trishul', 3rd floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380 006. UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2006 (Rs. in crores) FOR THE QUARTER FOR THE QUARTER FOR THE YEAR PARTICULARS ENDED ENDED ENDED 30.06.2006 30.06.2005 31.03.2006 (Unaudited) (Unaudited) (Audited) 1. Interest earned (a)+(b)+(c)+(d) 953.92 621.84 2,888.79 (a) Interest/discount on advances/bills 550.34 321.15 1,528.04 (b) Income on Investments 375.54 286.00 1,285.68 (c) Interest on balances with Reserve Bank ofIndia and other inter-bank funds 16.44 8.61 41.64 (d) Others 11.60 6.08 33.43 2. Other Income 224.50 150.01 729.63 A. TOTAL INCOME (1+2) 1,178.42 771.85 3,618.42 3. Interest Expended 632.08 399.36 1,810.56 4. Operating expenses (e)+(f) 239.16 169.01 814.05(e) Payments to and provisions for employees 79.69 53.18 240.20(f) Other operating expenses 159.47 115.83 573.85 B. TOTAL EXPENDITURE (3)+(4) (ExcludingProvisions and Contingencies) 871.24 568.37 2,624.61 C. OPERATING PROFIT (A-B) (Profit beforeProvisions and Contingencies) 307.18 203.48 993.81 D. Other Provisions and Contingencies (Net) 124.81 63.54 262.52 - of which provisions for Non-performing assets 13.78 43.09 127.06E. Provision for Taxes 61.82 47.31 246.21F. Net Profit (C-D-E) 120.55 92.63 485.08 5. Paid-up equity share capital 280.13 278.12 278.69 6. Reserves excluding revaluation reserves 2,593.50 (as per balance sheet of previous accountingyear) 7. Analytical Ratios (i) Percentage of Shares held byGovernment of India NIL NIL NIL (ii) Capital Adequacy Ratio 10.28% 11.74% 11.08% (iii) Earnings per Share for the period/ year - Basic 4.31 3.35 17.45 - Diluted 4.22 3.30 17.08 (iv) (a) Amount of Gross Non-performing 404.38 406.91 377.95assets (b) Amount of Net Non-performing assets 232.79 265.14 219.83 (c) % of Gross NPAs 1.25 1.82 1.28 (d) % of Net NPAs 0.73 1.19 0.75 (e) Return on Assets (annualized) 0.93 1.05 1.18 8. Aggregate Non-promoter shareholding - Number of shares 202,882,467 200,878,795 201,445,657 - Percentage of shareholding 72.43% 72.23% 72.28% Notes : 1. The results above have been taken on record by the Board of Directorsof the Bank at its meeting held at Mumbai today. 2. 'Other income' includes gains from securities' transactions,commission earned from guarantees/letters of credit, fees earned from providingservices to customers, selling of third party products and ATM sharing fees. 3. Pursuant to the change in provisioning requirements for certainclasses of standard assets from 0.40% to 0.55% for the quarter ended 30.6.2006as notified by RBI through its circular dated 12th July 2006, the Bank has madean additional provision of Rs. 7.29 crores during the quarter ended 30th June,2006. 4. In terms of RBI guidelines dated 22nd June, 2006, floating provisionsfor non- performing assets created in earlier years of Rs. 24.96 crores can beutilized only under extraordinary circumstances with the approval of the RBI.Consequently, the Bank has made additional provision of Rs. 13.47 crores towardsspecific non-performing assets during the quarter ended 30th June, 2006. 5. Consequent upon the abolition of Section 10(23)(G) of the Income TaxAct with effect from 1st April 2006, investments of the Bank in certain bondsand debentures no longer qualify as tax-free instruments resulting in anadditional tax liability of Rs. 4.27 crores for the current quarter. Further, interms of RBI's prudential norms for valuation of investments, this has resultedin a diminution in the valuation of the Bank's investment portfolio as on 30thJune 2006 by Rs. 88.37 crores. 6. Disclosure about investor complaints: Complaints at the Received during the quarter Disposed off during the Unresolved as on beginning of the quarter 30.06.2006 quarter 1 80 79 2* * Resolved in the first week of July, 2006 7. These results for the quarter ended 30th June 2006, have beensubjected to a "Limited Review" by the Statutory Auditors of the Bank. 8. Previous period figures have been regrouped and reclassified, wherenecessary, to make them comparable with current quarter figures. Place : Mumbai P.J. NAYAKDate : 13.07.2006 CHAIRMAN & MANAGING DIRECTOR www.utibank.com UTI BANK The business of the Bank has been divided into two segments as follows :- SEGMENT PRINCIPAL ACTIVITIES Treasury Treasury operations include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the proprietary account and for customers and central funding. Other Banking Other Banking Operations inlcude corporate relationships, corporate advisory Operations services, placements and syndication, management of public issue, project appraisals, depository and capital market related services, cash management services, retail assets and liability products, card services, internet banking, ATM services, financial advisory services and NRI services. Segmental Results (Rs in crores) For the For the For the year ended quarter ended quarter ended 31-03-2006 30-06-2006 30-06-2005 1 Segment Revenue a Treasury 1,856.11 1,216.90 5,628.19 b Other Banking 3,122.17 Operations 1,075.62 659.53 c Others (0.27) (0.16) 1.19 Total 2,931.46 1,876.27 8,751.55 Less Inter segment 1,753.04 1,104.42 5,133.13 revenue Income from 1,178.42 771.85 3,618.42 Operations 2 Segment Results After Provisions & BeforeTax a Treasury 9.46 89.57 415.54 b Other Banking 173.24 50.56 314.70 Operations c Others (0.33) (0.19) 1.05 Total Profit Before 182.37 139.94 731.29 Tax 3 Capital Employed a Treasury 1,493.27 1,350.84 1,573.50 b Other Banking 1,385.97 1,113.27 1,205.36 Operations c Others 118.61 120.63 93.33 Total 2,997.85 2,584.74 2,872.19 Notes: 1. Previous period figures have been regrouped and reclassified, where necessary, to make them comparable with current quarter figures. 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