BUSINESS

Vijaya Bank performs well

Vijaya Bank has performed creditably during the nine months ended December 31, 2002 with the net profit increasing to Rs. 131.11 crores against Rs. 101.20 crores. Total income rose to Rs. 1,413.49 crores from Rs, 1,289.63 crores in the year-ago period with non interest income accounting for Rs. 174.76 crores (Rs. 137.84 crores). The operating expenses declined to Rs. 305.69 crores from Rs. 315.41 crores.

Total deposits stood at Rs. 15,413 crores in December 2002 as compared to Rs. 14,681 crores in March 2002, recording a 6.7 per cent annual growth rate. The lower growth rate was on account of the bank shedding sizable high cost bulk term deposits.

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