| Net interest income of the bank jumped 33 per cent to Rs 222.48 crore (Rs 167.14 crore). Other income increased by 36 per cent to Rs 150 crore (Rs 110.08 crore). |
| Total income of the bank went up to Rs 771.85 crore (Rs 537.63 crore). Total expenditure increased to Rs 568.37 crore (Rs 389.8 crore). |
| Provisions and contingencies increased to Rs 63.54 crore (Rs 40.71 crore). Net interest margin (NIM) for Q1 decreased to 2.66 per cent from 3.05 per cent in Q1 of the previous year and marginally up from 2.64 per cent in Q4 of the previous year. |
| Daily average cost of funds increased by 10 basis points to 4.93 per cent in Q1 as compared to 4.83 per cent in Q1 of the previous year. |
| The rise is due to high cost deposits accumulated to fund the growth of the bank. |
| "The NIM has fallen and cost of funds have risen in order to fund the growth of the bank. We have stabilised the NIM now and we see it rising further," said P J Nayak, chairman & managing director, UTI Bank. |
| UTI Bank's share price today fell by 1.92 per cent today to end the day at Rs 261. Capital adequacy ratio of the bank was 11.74 per cent. |
| Net non-performing assets (NPA) as a percentage of net customer assets was at 1.19 per cent up from 1.07 per cent as at end March 2005. |
| According to Nayak, the rise is net NPA is very small. "This much of variation means nothing. We are comfortable so long as we maintain our net NPA ratio at around 1 per cent," he said. |
| Ditto for HDFC Bank |
| HDFC Bank posted a 31.1 per cent increase in net profit for the first quarter ended June 30, 2005 at Rs 183.5 crore up from Rs 139.97 crore in the corresponding period of the previous year. |
| Net interest income (interest earned less interest expended) for the quarter ended June 30, 2005 increased by 31.3 per cent to Rs 523.7 crore (Rs 398.79 crore), driven by average asset growth of 27.3 per cent and a marginal improvement in the core net interest margin to just over 3.9 per cent. |
| Other income (non-interest revenue) for the quarter jumped 144 per cent to Rs 263.6 crore (Rs 108 crore). Other income primarily consists of fees & commissions of Rs 215.2 crore, foreign exchange & derivatives revenues of Rs 23.8 crore, and profit on sale / revaluation of investments of Rs 23.4 crore. |
| HDFC Bank's share rose marginally by 0.10 per cent on BSE to end the day at Rs 645. Total income of the private bank increased to Rs 1,157.68 crore (Rs 810.59 crore) and total expenditure increased to Rs 728.45 crore (Rs 534.59 crore). |
| Provisions and contingencies for the quarter were Rs 165.9 crore, primarily comprising general & specific loan loss provisions of Rs 108.6 crore and amortisation of premium (for investments in the held to maturity category) of Rs 57.0 crore. |
| Total balance sheet size increased by 33.8 per cent to Rs 53,986 crore (Rs 40,340 crore). Total deposits grew by 22 per cent to Rs 38,354 crore (Rs 31,406 crore). |
| iGATE clocks Rs 1.4 cr net |
| iGATE Global Solutions, an 82 per cent subsidiary of US based iGATE Corp, reported a net profit of Rs 1.4 crore for the first quarter of this year, on revenues of Rs 147.5 crore. |
| Net profit increased 138.9 per cent year on year, but fell 37 per cent over the quarter ending March 2005 of the last fiscal. |
| Earnings per share for the quarter (not annualised) were 48 paise, compared with 76 paise for the March quarter. Revenues for the three months to June grew 4.2 per cent year-on-year and 13.2 per cent quarter on quarter. |
| Offshore billing rates grew 3.5 per cent during the quarter, a company release said. |
| Neyveli Lignite net up 100% |
| Neyveli Lignite Corporation's (NLC) net profit for the first quarter ended June 30, 2005 has increased by nearly 100 per cent to Rs 395 crore versus the Rs 197.93 crore that it earned in last fiscal's first quarter ended June 30. |
| NLC's net sales shot up by 28.88 per cent to Rs 846 crore for the first quarter ended June 30, 2005 compared with Rs 656.38 crore it clocked for the first quarter of last year ended June 30. |
| Other income zoomed up by 130.44 per cent to Rs 203 crore for the first quarter of this year ended June 30, 2005 against Rs 88.09 crore it earned last year for the first quarter ended June 30, 2004. |
| CMC net dips 13.97% |
| CMC has reported a 13.97 per cent dip in net profit at Rs 15.33 crore for the quarter ended June 30, 2005 compared with Rs 17.82 crore for the corresponding quarter in previous fiscal. |
| Total income has increased 10.67 per cent to Rs 204.50 crore for the first quarter against Rs 184.77 crore in the year-ago period, the company informed the Bombay Stock Exchange. |
| The group has posted a consolidated profit after tax of Rs 15.97 crore for the quarter ended June 30, 2005 compared with Rs 18.74 crore for the same quarter in 2004-05. |
| Total revenue has increased to Rs 215.18 crore for the quarter ended June 30, 2005 from Rs 190.97 crore in corresponding period last year. |
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