Private sector lender ING Vysya Bank on Tuesday reported an over 17 per cent rise in net profit at Rs. 176.30 crore for the second quarter ended September 30.
The bank had posted net profit of Rs. 150.20 crore during the same quarter (July-September) in the previous financial year.
The total income of the bank during the second quarter of the current fiscal increased by 16.2 per cent to Rs. 625 crore.
Net Interest Income (NII) for the quarter increased by 19.4 per cent to Rs. 440.30 crore from Rs. 368.80 crore in the corresponding quarter of the previous year.
Net Interest Margin (NIM) — the difference of interest earned and interest spend, a gauge of the profitability — was flat at 3.46 per cent compared to 3.45 per cent in the corresponding quarter of the previous year.
“While we have seen margin pressure in the current quarter, we continue to be on track to more than match the full year NIM of 3.52 per cent achieved last year,” the bank’s Managing Director Shailendra Bhandari said in a statement.
ING Vysya Bank had reported net profit of Rs. 175.12 crore in the June quarter of 2013-14. “This was the sixteenth sequential quarter of PAT (profit after tax) growth,” the lender said in the statement.
Mr. Bhandari said it was an extremely challenging quarter with significant volatility in both the interest and currency markets.
Shares of the bank on Tuesday closed at Rs. 585.60 apiece on the BSE, up 1.03 per cent from their previous close.