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Vijaya Bank net zooms 235 percent in Q4

Karnataka,Business/Economy, Mon, 30 Apr 2012 IANS

Bangalore, April 30 (IANS) State-run Vijaya Bank posted net profit of Rs.181 crore for the fourth quarter (January-March) of fiscal 2011-12, registering a whopping 235 percent jump from Rs.54 crore the same quarter an year ago (2010-11) and 46 percent increase sequentially from Rs.124 crore in third quarter (Oct-Dec) of FY 2012.


For entire fiscal under review (FY 2012), net profit, however, increased 11 percent YoY to Rs.580 from Rs.524 crore year ago.


"Even in a bleak economic scenario, we were able to contain delinquency of borrowing accounts and costs through calibrated approach to business," bank chairman and managing director H.S. Upendra Kamath told reporters here.


Net interest income for quarter (Q4) under review marginally increased three percent.


Total income for fourth quarter shot up 123 percent to Rs.277 crore from Rs.124 crore but declined 11 percent sequentially from Rs.310 crore in third quarter (Q3) while increasing 27 percent YoY to Rs.1,270 crore from Rs.1,003 crore.


"Yield on advances for the fiscal improved to 12 percent against 10 percent in the previous fiscal," Kamath said.


The bank also made provisions of Rs.414 crore for non-performing assets (NPA), Rs.35 crore for standard assets and Rs.40 crore towards loss from restructured accounts.


Gross NPA ratio and net NPA ratio stood at 2.93 per cent and 1.72 per cent, respectively.


The bank's total business of Rs.141,727 crore consisted of Rs.83,056 crore from deposits and Rs.58,671 crore in advances.


"We are targetting a total business of Rs.165,000 crore for the new fiscal (2012-13)," Kamath pointed out.


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