The interest income rose 57 per cent to Rs 168.82 crore from Rs 107.54 crore in the previous year. The other income of the bank increased by 76 per cent to Rs 29.75 crore from Rs 16.90 crore. Profit before tax rose by 96 per cent to Rs 20.98 crore from Rs 10.71 crore.

According to UTI Bank's chairman and managing director PJ Nayak: "The bank has started to concentrate on cash management services. This will help the bank to increase its current account customers and increase the other income earnings." Total deposits rose by 74 per cent to Rs 6001.18 crore, against Rs 3,445 crore in the corresponding period last year. Savings deposits rose by 104 per cent to Rs 335.33 crore from Rs 163.97 crore.

The bank has targeted to increase the number of ATMs from 98 to around 300 by the end of this fiscal. The number of branches will be increased from 29 to 71 by end-September. Says Nayak: "The increase in the number of ATMs and branches will help the bank to increase its retail base. It will also help in reducing the cost of deposits of the bank." "The bank also plans to introduce mobile banking in the near future," the UTI Bank chief said.

Interest expenses of the bank increased by 65 per cent to Rs 152.05 crore from Rs 92.05 crore. Total expenditure of the bank increased by 66.75 per cent to Rs 174.31 crore.