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Vijaya Bank net zooms 79% in Q3

Bengaluru, Jan 23 (IANS) State-run Vijaya Bank on Wednesday reported a Rs. 143 crore net profit for the third quarter of fiscal 2018-19, registering a whopping 79 per cent annual growth from Rs. 80 crore in the same period a year ago.

Sequentially, net profit for the quarter (Q3) under review, however, remained flat from Rs. 140 crore a quarter ago.

The city-based bank earned Rs. 3,848 crore as interest for Q3, registering 23 per cent Year-on-Year (YoY) growth from Rs. 3,135 crore in the like period a year ago and 5.9 per cent sequentially from Rs. 3,634 crore a quarter ago.

“Total income grew 19 per cent YoY to Rs. 4,106 crore from Rs. 3,451 crore year ago and 4.5 per cent sequentially from Rs. 3,931 crore a quarter ago,” the bank said in a statement here.

The operating profit, however, declined 1.6 per cent YoY to Rs. 756 crore from Rs. 768 crore a year ago and remained flat (0.4 per cent) sequentially from Rs. 759 crore a quarter ago.

Provision for non-performing assets (NPA) shot up 79 per cent YoY to Rs. 582 crore from Rs. 333 crore a year ago and 19 per cent sequentially from Rs. 488 crore a quarter ago.

General provision, however, declined 6.3 per cent YoY to Rs. 578 crore from Rs. 677 crore a year ago 1.9 per cent sequentially from Rs. 589 crore a quarter ago.

Gross NPA increased 19.3 per cent YoY to Rs. 8,140 crore from Rs. 6,829 crore a year ago and 7.7 per cent sequentially from Rs. 7,557 crore a quarter ago.

Similarly, net NPA spiked 22.6 per cent YoY to Rs. 5,296 crore from Rs. 4,317 crore and 10 per cent sequentially from Rs. 4,810 crore a quarter ago.

Net NPA ratio declined to 4.05 per cent from 3.99 per cent a year ago and 3.81 a quarter ago, while gross NPA ratio was fractionally up to 6.14 per cent from 6.17 per cent a year ago but marginally less from 5.86 per cent a quarter ago.

The bank’s Chief Executive R.A. Sankara Narayanan told the media here that total business for the quarter grew 23.5 per cent YoY to Rs. 3,07,248 crore, with deposits up 26 per cent YoY to Rs. 1,74,615 crore and advances up 20 per cent YoY to Rs. 1,32, 634 crore.

“Our Net Interest Income (NII) grew 2.85 per cent YoY to Rs. 1,187 crore,” Narayanan added.

–IANS
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