United Western net up at Rs 31 crore

Pune: United Western Bank has posted a net profit of Rs 30.96 crore for the year-ended March 2004, an increase of 12.58 per cent against Rs 27.50 crore registered in the same period last year.

The total income for the period stood at Rs 595.90 crore which included interest income of Rs 462.73 crore and other income of Rs 133.17 crore, according to a bank statement. The board of directors have recommended a dividend of 15 per cent subject to the approval by Reserve Bank of India. It noted that the bank has been able to reduce its interest expenditure to Rs 340.89 crore from Rs 358.26 crore and the total expenditure stood at Rs 463.10 crore (Rs 483.82 crore). The operating profit stood at Rs 132.80 crore. The deposits increased to Rs 6,430 crore, registering a growth of 19.27 per cent over the previous year.

The advances grew by 19.05 per cent to touch Rs 3,744 crore and the investments were up at Rs 2,413 crore. The capital adequacy ratio stood at 10.13 per cent.