Uwb Q1 Profit Dips 19.81% To Rs 10.24 Crore

United Western Bank (UWB) has posted a 19.81 per cent fall in its net profit to Rs 10.24 crore in the first quarter ended June 30, 2001, compared with Rs 12.77 crore earned during the corresponding period in the previous year.

The Satara-based private sector bank's interest income in the reporting quarter was up by 7.51 per cent to Rs 126.24 crore (Rs 117.81 crore in the first quarter of the previous fiscal), while other income rose by 40.61 per cent to Rs 32.68 per cent (Rs 23.24 per cent).

The board of directors of the bank have recommended a dividend of 10 per cent this year, subject to the Reserve Bank of India's approval.

Interest expended by UWB was up by 13.83 per cent to Rs 100.74 crore (Rs 88.50 crore), while operating expenses were flat at Rs 24.43 crore (Rs 24.03 crore). Total expenditure of the bank rose by 11.23 per cent to Rs 125.17 crore (Rs 112.53 crore).

Operating profit in the reporting quarter, however, rose by 18.33 per cent to Rs 33.75 crore (Rs 28.52 crore).

Other provisions and contingencies doubled to Rs 18.51 crore as against Rs 9 crore during the year-ago period.

Capital adequacy ratio (CAR) of the bank has come down to 9.50 per cent as on June 30, 2001, as against 11.82 per cent as on June 30, 2000. Earnings per share as on June 30, 2001, stood at Rs 13.70 as against Rs 17.09 crore as on June 30, 2000.