Companies

Vijaya Bank profit up 54 %

Vijaya Bank’s ability to rein in its non-performing assets portfolio resulted in the bank making a net profit of Rs.111 crore during the first quarter ended June 30, 2012, an increase of 54 per cent on an annualised basis. While advances (Rs.59,306 crore) increased by 16 per cent, its deposit base (Rs.86,464 crore) expanded by 14 per cent during the quarter.

Chairman and Managing Director H. S. Upendra Kamath attributed the performance to the bank’s ability to keep NPA levels below the last quarter’s levels.

Net NPAs fell from 1.72 per cent to 1.67 per cent during the period.

The bank’s provision coverage ratio improved to 64 per cent at the end of the quarter. Although overall advances increased by 16 per cent, advances to retail credit, housing loans and infrastructure sectors were slackened during the quarter.

The bank’s net interest income during the quarter was Rs.455 crore, an increase of 7.76 per cent. Net interest margin fell from 2.32 per cent to 2.14 per cent, the lowest in five quarters.

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Printable version | Aug 14, 2020 8:09:48 AM | https://www.thehindu.com/business/companies/vijaya-bank-profit-up-54/article3687691.ece

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