Axis Bank Regs Regulatory News (AXB)

18 Apr 2007 07:00

UTI Bank Limited18 April 2007 AUDITED ANNUAL / UNAUDITED QUARTERLY FINANCIAL RESULTS FOR THE YEAR / QUARTER (Q4) ENDED 31ST MARCH, 2007 - UTI BANK Pursuant to the provisions of clause 41 of the Listing Agreement, we areenclosing herewith a copy the Audited Annual / Unaudited Quarterly (Q4)Financial Results of the Bank for the year ended 31st March, 2007 in theprescribed format. The said results are considered, approved, and taken on record by the Board ofDirectors of the Bank at its meeting held today at Mumbai. We have madenecessary arrangements for publication of the said results in the Newspapers. UTI Bank Regd. Office : 'Trishul', 3rd floor, Opp. Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380 006. AUDITED ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2007 (Rs. In crores) UTI BANK UTI Bank (CONSOLIDATED) For the quarter For the quarter For the year For the year For the year PARTICULARS ended ended ended ended ended 31.03.2007 31.03.2006 31.03.2007 31.03.2006 31.03.2007 (Unaudited) (Unaudited) (Audited) (Audited) (Audited) 1. Interest earned (a)+(b)+ 1,366.77 832.65 4,560.40 2,888.79 4,560.39(c)+(d) (a) Interest/discount on 836.21 459.64 2,702.85 1,528.04 2,702.84 advances/bills (b) Income on Investments 482.16 344.44 1,731.47 1,285.68 1,731.47 (c) Interest on balances with Reserve Bank of India and other inter-bank funds 34.71 13.45 77.30 41.64 77.30 (d) Others 13.69 15.12 48.78 33.43 48.78 2. Other Income 301.10 228.07 1,010.11 729.63 1,009.91 A. TOTAL INCOME (1+2) 1,667.87 1,060.72 5,570.51 3,618.42 5,570.30 3. Interest Expended 902.54 519.79 2,993.32 1,810.56 2,993.17 4. Operating expenses (e)+ 343.03 242.88 1,214.59 814.05 1,219.36 (f) (e) Payments to and provisions for employees 88.93 62.47 381.35 240.20 391.18 (f) Other operating expenses 254.10 180.41 833.24 573.85 828.18 B. TOTAL EXPENDITURE (3)+ (4) (Excluding Provisions and Contingencies) 1,245.57 762.67 4,207.91 2,624.61 4,212.53 C. OPERATING PROFIT (A-B) (Profit before Provisions and Contingencies) 422.30 298.05 1,362.60 993.81 1,357.77 D. Other Provisions and 106.51 68.16 366.36 262.52 366.36 Contingencies (Net) - of which provisions for Non-performing assets 8.29 21.36 73.73 127.06 73.73 E. Provision for Taxes 103.90 78.16 337.21 246.21 337.16 F. Net Profit (C-D-E) 211.89 151.73 659.03 485.08 654.25 5. Paid-up equity share 281.63 278.69 281.63 278.69 281.63 capital 6. Reserves excluding 3,111.60 2,593.50 3,106.82 revaluation reserves 7. Analytical Ratios (i) Percentage of Shares held by Government of India NIL NIL NIL NIL NIL (ii) Capital Adequacy 11.57% 11.08% 11.57% 11.08% Ratio (iii) Earnings per Share for the period / year - Basic 7.56 5.46 23.50 17.45 23.33 - Diluted 7.33 5.34 22.79 17.08 22.63 (iv) (a) Amount of Gross Non-performing assets 418.67 377.95 418.67 377.95 (b) Amount of Net Non-performing assets 266.33 219.83 266.33 219.83 (c) % of Gross NPAs 0.95 1.28 0.95 1.28 (d) % of Net NPAs 0.61 0.75 0.61 0.75 (e) Return on Assets 1.24 1.32 1.10 1.18 (annualized) 8. Aggregate public shareholding - Number of shares 148,241,566 138,042,433 148,241,566 138,042,433 - Percentage of 52.64% 49.53% 52.64% 49.53% shareholding Notes : 1. The results above have been taken on record by the Board of Directors ofthe Bank at its meeting held at Mumbai today. 2. The Board of Directors has recommended a dividend of Rs. 4.50 per share(45%) for the year ended 31st March, 2007 (previous year Rs.3.50 per share(35%)), subject to the approval of the members at the ensuing Annual GeneralMeeting. 3. Other income' includes gains from securities' transactions, commissionearned from guarantees/letters of credit, fees earned from providing services tocustomers, selling of third party products and ATM sharing fees. 4. Pursuant to the change in provisioning requirements for certain classesof standard assets from 0.40% to 2.00% as notified by RBI through its circulardated 31st January 2007, there has been an impact of an additional provision ofRs. 68.11 crores during the year ended 31st March, 2007. 5. Disclosure about investor complaints: Complaints at the beginning Received during the Disposed off during the Unresolved as on of the quarter quarter quarter 31.03.2007 1 81 82 - 6. Two wholly-owned subsidiaries of the Bank: UBL Sales Ltd. and UBL AssetManagement Company Ltd. commenced operations during the current year. Theconsolidated financial results for UTI Bank Ltd. and its subsidiaries have,thus, been prepared in accordance with the principles and procedures forpreparation and presentation of consolidated financial statements set out inAccounting Standard on Consolidated Financial Statements (AS-21) as prescribedby the Institute of Chartered Accountants of India. Since this is the firstoccasion for consolidated financial statements being prepared for the Bank, nocomparative figures for the previous period (in terms of the transitionalprovisions under AS-21) can be presented. 7. Previous year's figures have been regrouped and reclassified, wherenecessary, to make them comparable with current year's figures. Place : Mumbai P.J. NAYAK Date : 17.04.2007 CHAIRMAN & MANAGING DIRECTOR www.utibank.com This information is provided by RNS The company news service from the London Stock Exchange