UTI Bank has posted a 94.01 per cent jump in its net profit from Rs 16.02 crore to Rs 31.08 crore in 1998-99. The bank has recommended a dividend of 10 per cent for the year.
The bank's income for the year increased 32.67 per cent from Rs 316.51 crore to Rs 419.91 crore of which interest income showed a 46.05 per cent increase from Rs 255.61 crore to Rs 373.28 crore. However, other income fell 23.43 per cent from Rs 60.90 to RS 46.63 crore during the year.
Interest expenditure was higher by 35.30 per cent at Rs 300.63 crore compared to Rs 222.19 crore in the previous year. Inclusive of operating expenses amounting to Rs 41.08 crore in 1998-99, total expenditure stood at Rs 341.71 crore against Rs 253.44 crore in 1997-98, showing a growth of 34.83 per cent.
Although total expenditure grew more rapidly that total income, the bank was abl
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