• JANUARY 22, 2000

UTI Bank 3QFY2000 net up 22%

UTI Bank has reported a net profit of Rs 98.7 m for the 3QFY2000 which is a growth of 22% YoY. The main drivers of net profit growth are interest income which went up by 27.7% in the 3QFY2000 over the 3QFY99 and its other income (non-fund based income) which went up by 12% for the same period.

For the first nine months of FY2000 its total deposits at Rs 35.9 bn were up 33% over the corresponding period of FY99 and its advances for the first nine months of FY2000 were up by 30% over the corresponding period of the previous year to Rs 19.2 bn. As interest expenses were up by 34% its margins have been under pressure during this period with a fall in interest rates.

UTI Bank has recently been in the news as it is a strong takeover target and has been in talks with Centurion Bank for this. Centurion Bank after its fall out with ICICI Bank is looking to merge with other players. Development Bank of Singapore is also trying to negotiate taking a stake of 20% in UTI Bank.

Market View
Among the private sector banks analysts prefer HDFC Bank and ICICI Bank over UTI Bank.

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