The Satara-headquartered United Western Bank (UWB) has reported a 3.5 per cent increase in its net profit at Rs 12.66 crore in the fourth quarter ended March 31, 2003, as against Rs 12.23 crore a year ago.
The board has recommended a dividend of 15 per cent, the same as last year.
The interest earned declined marginally to Rs 122.91 crore (Rs 124.17 crore in 2001-02 quarter). Other income rose by 38 per cent to Rs 60.93 crore (Rs 44.16 crore).
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Interest expended fell by seven per cent to Rs 87.04 crore (Rs 93.64 crore) and operating expenses rose by 57 per cent to Rs 40.22 crore (Rs 25.55 crore).
In the financial year 2002-03, UWB has recorded a seven per cent increase in net profit at Rs 27.51 crore (Rs 25.76 crore).
In the financial year ended March 31, 2003, total income and total expenditure declined by 3.13 per cent and 1.51 per cent to Rs 621.88 crore (Rs 641.99 crore) and Rs 483.83 crore (Rs 491.54 crore).
UWB chairman and CEO Satish K Marathe said the emphasis of the bank is on recovery of overdues and leveraging information technology to improve customer service, reduce operational and transaction costs, improve employee productivity and generate adequate management information systems for effective governance.
UWB