The Hindu : Business : UTI Bank net rises to Rs. 101 crores

Online edition of India's National Newspaper
Tuesday, Jan 18, 2005

Business

Business

UTI Bank net rises to Rs. 101 crores

NEW DELHI, JAN. 17. UTI Bank today reported a 35 per cent growth in net profit at Rs. 101 crores in the third quarter ended December 31, 2004 and plans a Global Depository Receipts (GDR) issue of about 4.65 crore shares to raise its capital base.

The net profit grew by 35 per cent to Rs. 101.15 crores from Rs. 74.80 crores in the year-ago quarter. Total income was up by over 19 per cent at Rs. 634.21 crores against Rs. 530.79 crores.

The board of directors has approved a proposal to raise Tier-I capital by way of an international offering with securities linked to ordinary shares in the form of GDRs, UTI Bank informed the Bombay Stock Exchange.

Going by the present trends in its share prices, UTI Bank may mop up about Rs. 900 crores from the international market.

The bank intends to raise additional capital to meet the Reserve Bank of India's norms of 9 per cent capital adequacy ratio in this fiscal while preparing itself for meeting the stiff Basel-II norms by 2006.

The capital may be raised in one or more tranches and the maximum number of ordinary shares to be issued would not exceed 4.65 crores, it said. UTI Bank scrip is trading at over Rs. 200 on major bourses. — PTI

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