Updated: May 1, 2012 23:27 IST

Vijaya Bank net up 11 %

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H S Upendra Kamat
H S Upendra Kamat

Vijaya Bank recorded a net profit of Rs.580.99 crore in 2011-12, an increase of 11 per cent over the previous year. Aggregate business was Rs.1.42 lakh-crore. The bank's net interest margin was 2.37 per cent during the year.

The bank made an additional provision of Rs.122 crore for non-performing assets and “restructured advances.” Chairman and Managing Director H. S. Upendra Kamath said the accretion in such accounts mainly pertained to accounts in the infrastructure sector.

Mr. kamath attributed the “slippage” of restructured accounts to the wider economic environment. “This is the best we could have done, given the challenges in the economy,” he said.

He said the growth of Current Accounts and Savings Accounts was only “marginal” because there the differential between the interest rate on savings deposits and term deposits widened to more than 6 per cent during the year. He said savings deposit rates would be maintained at 4 per cent.

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