UTI Bank Net Spurts 45.15% In Q1

UTI BankUTI Bank declared a significant rise of 45.15% in net profit for the quarter ended June 2007. The company witnessed an increase in profit to Rs 1,749.80 million from Rs 1,205.50 million in the corresponding period of the last year.

The interest as well as operating income for the quarter climbed up 61.12% to Rs 15,369.7 million, whereas the total income for the quarter mounted 59.47% to Rs 18,792 million both as against the same quarter, a year ago.

In contrast, the earnings per share (EPS) for the quarter boosted 43.85% to Rs 6.2 compared with the corresponding quarter, a year ago.

UTI Bank commences its operations in 1994 when the Indian Government permitted new private banks to be constituted. The Bank was promoted mutually by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation Ltd. and its associates viz. National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd.

At present, the bank has a broad network of over 420 branch offices and Extension Counters. It has a network of more than 1841 ATMs that is one of the largest ATM networks in the country.