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Tuesday, April 30, 2013

ING Vysya Bank’s Q4 profits up 33.7%

ING Vysya Bank’s net profit for fourth quarter (Q4) of FY 2012-13 increased by 33.7 per cent to Rs 170.3 crore compared to Rs 127.4 crore same period of the previous year.

Bank’s total income for Q4 is up 20.9 per cent to Rs 624.1 crore.

Other income increased to Rs 200.4 crores. Operating costs in the quarter increased by 14.9 per cent to Rs 339.8 crore. Staff cost for the quarter includes provision towards the 10th Bipartite settlement between the IBA and bank unions.

Operating profit increased by 29.0 per cent to Rs. 284.3 crore and cost to income ratio improved to 54.4 per cent from 57.3 per cent.

Shailendra Bhandari Managing Director, said: “For the Quarter, net interest margin improved to 3.73 per cent and ROA improved to 1.34 per cent. Our asset quality continues to be best in class with Gross NPA at 1.76 per cent, Net NPA at 0.03 per cent.”

Net Interest Income (NII) for the quarter increased by 32.7 per cent to Rs 423.7 crore from Rs 319.2 crore in the corresponding quarter of the previous year.

The Net Interest Margins (NIM) was significantly higher at 3.73 per cent from 3.29 per cent in the corresponding quarter of the previous year.

Provisions and contingencies reduced to Rs 33.6 crore from Rs 56.6 crore in the corresponding quarter of the previous year. Provisions for the quarter included provision of Rs.21.9 crores related to mark to market receivable on the derivatives contract mentioned in the footnote.

Total Deposits were Rs. 41,334 crores at the end of March 2013, up 17.4 per cent from Rs 35,195 crore as at the end of March 2012.

Current and Savings (CASA) deposits grew by 11.4 per cent to Rs 13,435 crore from Rs 12,063 crore as at end of March 2012. CASA ratio was at 32.5 per cent of total deposits as at the end of March 2013. However, after adjusting for certain large CASA flow towards the end of the year, core CASA would have stood at 31.8 per cent.

The Credit Deposit Ratio (including customer assets) stood at 81.7% as at March 2013 as against 81.8% as at March 2012.

Source: thehindubusinessline


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