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UTI Bank Limited (UTI)

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Thursday 21 April, 2005

UTI Bank Limited

Annual Audited Results 04-05

UTI Bank Limited
21 April 2005


UTIB/CO/PJO/ 021 /2005-06

April 21, 2005

The London Stock Exchange
London.


Dear Sir,

SUB: AUDITED ANNUAL RESULTS FOR YEAR ENDED 31ST MARCH, 2005 - UTI BANK LIMITED


We are enclose herewith a copy the Audited Annual Financial Results of the Bank
for the year ended 31st March, 2005.

The said results are considered, approved, and taken on record by the Board of
Directors of the Bank at its meeting held today at Mumbai.

Further, the Board of Directors of the Bank have recommended a dividend @ 28 %
(Rs. 2.80 per equity share) on equity shares of the Bank and the same will be
payable after it is approved by the shareholders at the 11th AGM to be held on
10th June, 2005 and also will be subject to approval by Reserve Bank of India.

You are requested to take the above on record.


Yours faithfully,

P. J. Oza
Company Secretary &
Vice President (Human Resources)

Encl: a/a.





                                                                      Annexure I

                                    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, 2005

                                                                                                       Rs. In crores

                                          (1)                  (2)                   (3)                  (4)         
            PARTICULARS             For the quarter      For the quarter      For the year ended   For the year ended 
                                         ended          ended 31.03.2004         31.03.2005            31.03.2004     
                                       31.03.2005                                                                     
                                      (Unaudited)          (Unaudited)            (Audited)            (Audited)      

  1. Interest earned (a)+(b)+(c)+(d)     556.05              413.77               1,924.16              1,598.54

  a. Interest/discount on                286.66              205.82                978.77                767.52
  advances/bills
• Income on Investments                  238.38              164.94                786.87                650.73
• Interest on balances with               7.57                7.35                  32.04                32.95
Reserve Bank of India and other
inter-bank funds
• Others                                 23.44                35.66                126.48                147.34

  1. Other Income                        166.37              102.46                415.82                540.15
  A. TOTAL INCOME (1+2)                  722.42              516.23               2,339.98              2,138.69

  1. Interest Expended                   359.76              247.37               1,192.98              1,021.45
• Operating expenses (e)+(f)             162.71              124.99                581.38                419.21

  a. Payments to and provisions for      46.75                35.36                176.85                121.25
  employees
• Other operating expenses               115.96               89.63                404.53                297.96

  A. TOTAL EXPENDITURE (3)+(4)           522.47              372.36               1,774.36              1,440.66
  (Excluding Provisions                                                                                       
  and Contingencies)                                                                                                  
• OPERATING PROFIT (A-B) (Profit         199.95              143.87                565.62                698.03
before Provisions and Contingencies)
• Other Provisions and Contingencies     24.26                32.58                 61.92                268.62
(Net)                                  
  - of which provisions for              (2.09)               23.93                 3.04                 254.69
Non-performing assets
• Provision for Taxes                    59.15                24.20                169.12                151.10
• Net Profit (C-D-E)                     116.54               87.09                334.58                278.31

  1. Paid-up equity share capital        273.80              231.58                273.80                231.58
• Reserves excluding                                                              2,134.39               904.84
revaluation reserves                                                                                                
• Analytical Ratios

  i. Percentage of Shares                 NIL                  NIL                   NIL                  NIL           
  held by Government of India
• Capital Adequacy Ratio                 12.66%              11.21%                12.66%                11.21%
• Earnings per Share for the              4.99                3.77                  14.32                12.06
period / year                             
  • Basic                                 4.90                3.73                  14.06                11.92
  • Diluted
                                         
  i. (a) Amount of Gross                 324.77              288.41                324.77                288.41         
     Non-performing assets
     (b) Amount of Net                   226.08              122.86                226.08                122.86
     Non-performing assets

(c) % of Gross NPAs                       1.53                2.40                  1.53                  2.40
(d) % of Net NPAs                         1.07                1.03                  1.07                  1.03
(e) Return on Assets (annualized)         1.84                1.62                  1.21                  1.42

  1. Aggregate Non-promoter
  shareholding

  • Number of shares                                       154,335,500           196,551,374          154,335,500
  • Percentage of shareholding        196,551,374            66.65%                71.79%                66.65%         
                                         71.79%                             


Notes:

1. The results above have been taken on record by the Board of Directors of
   the Bank at its meeting held at Mumbai today.

2. The Board of Directors has recommended a dividend of Rs. 2.80 per share
   (28%) for the year ended 31st March, 2005 (previous year Rs.2.50 per
   share (25%)), subject to the approval of the members at the ensuing
   Annual General Meeting and by the Reserve Bank of India.

3. During the year, the Bank raised additional capital in the form of
   4,04,90,300 Global Depository Receipts (GDRs) (each GDR representing 1
   underlying equity share of Rs. 10/- each), at a price of US$ 5.91 per
   GDR. As a consequence, the paid up share capital of the Bank has
   increased by Rs. 40.49 crore and the reserves of the Bank have increased
   by Rs. 977.26 crores after charging off issue related expenses.

4. 'Other income' includes gains from securities' transactions, commission
   earned from guarantees/letters of credit, fees earned from providing
   services to customers, selling of third party products and ATM sharing
   fees. In the quarter ended 30.09.2004, government securities with book
   value of Rs. 3,983.29 crores were transferred from the Available for
   Sale category to the Held to Maturity category at a value of Rs.
   3,868.76 crores, in accordance with RBI guidelines.

5. Disclosure about investor complaints:
                                                                                                                      
   Complaints at the beginning of        Received            Disposed off during the     Unresolved as on 31.03.2005  
            the quarter             during the quarter              quarter                                           

                 5                          113                       114                             4*              

*  Resolved in the first week of April, 2005

1. Previous year's figures have been regrouped and reclassified, where
   necessary, to make them comparable with current year's figures.


Place: Mumbai P.J. NAYAK

          Date: 21.04.2005 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, 
  Operations        corporate advisory 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       For the   
                                                 quarter ended    quarter ended    year ended    year ended 
                                                  31-03-2005       31-03-2004      31-03-05      31-03-04   
1           Segment Revenue                                                                                  

A           Treasury                               1,077.89          421.56         3,319.95      1,707.28   
B           Other Banking Operations                607.12           708.86         2,120.33      2,784.55   
C           Others                                   (9.77)           (0.65)         (1.18)         1.04     
            Total                                  1,675.24         1,129.77        5,439.10      4,492.87   

            Less Inter segment revenue              952.82           613.54         3,099.12      2,354.18   

            Income from Operations                  722.42           516.23         2,339.98      2,138.69   

2           Segment Results After Provisions & BeforeTax                                                     

A           Treasury                                 93.05            22.51          191.70        163.25    
B           Other Banking Operations                 85.64            89.44          313.29        265.52    
C           Others                                   (3.00)           (0.66)         (1.29)         0.64     
            Total Profit Before Tax                 175.69           111.29          503.70        429.41    

3           Capital Employed                                                                                 

A           Treasury                               1,377.41          347.69         1,377.41       347.69    
B           Other Banking Operations                929.63           760.75          929.63        760.75    
C           Others                                  101.15            29.61          101.15        29.61     
            Total                                  2,408.19         1,138.05        2,408.19      1,138.05   



Notes:

1. Effective 1st April, 2004, the Bank has changed its reportable segments to
   'Treasury' and 'Other Banking Operations' from 'Corporate Banking', 'Retail 
   Banking' and 'Treasury' segments reported in the previous year/period.

2. The Bank has also changed the transfer pricing mechanism for determining
   segmental results With effect from 1st April, 2004.

3. Segmental disclosures relating to the corresponding previous quarter and for
   the year ended 31st March, 2004, have been computed based on the transfer 
   pricing mechanism then prevailing and are hence not comparable with the 
   figures for the current year.


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