UTI Bank today reported a 31% increase in net profit at Rs 92.63 crore for the first quarter ended June 30, 2005 as against Rs 70.67 crore in Q1FY05.According to a release issued by the bank to the BSE today, total income increased to Rs 771.85 crore in Q1FY06 from Rs 537.63 crore in Q1FY05. "The bank, with effect from April 1, 2005, has recognised all fee income on accrual basis as against the earlier practice of accounting such income on receipt basis where it is less than 1% of the total income of the bank. As a result of this change, other income for the quarter ended June 30, 2005 is higher by Rs 6.28 crore," the release added.
