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Saturday, April 27, 2013

Vijaya Bank profit up 24% on improved loan growth

Vijaya Bank profits rose 23.86 per cent to Rs 224.15 crore in the fourth quarter of fiscal 2012-13.

The bank’s total income during the period increased 17.02 per cent to Rs 2,680.20 crore, while EPS (basic) stood at Rs 3.92 compared with Rs 2.98 last year.

Vijaya Bank Chairman and Managing Director H. S. Upendra Kamath attributed the performance to the increase in loans and advances by 8 per cent, investment income by 15 per cent and a doubling of other income.

“With signs of improving global and domestic economic scenario, Vijaya Bank has set an ambitious target of reaching a business mix of Rs 2,00,000 crore by December 2013,” he added.

Bank’s operating profit rose 47.35 per cent to Rs 388.25 crore.

Vijaya Bank shed bulk deposits/certificate deposits (CDs) worth Rs 16,933 crore during FY13. The percentage of bulk deposits/CDs has fallen to 22.30 per cent as on March 31, 2013, from 46.47 per cent in the year-ago period.

“The bank shall continue to shed bulk deposits/CDs during the current financial year and has set a target of Rs 7,000 crore this fiscal,” Kamath said.

As for the bank’s asset quality, gross NPA (non-performing asset) and net NPA ratios stood at 2.17 per cent and 1.30 per cent respectively as at end-March 2013 against 2.93 per cent and 1.72 per cent, respectively, in the same period last year.

Net interest income (NII) in the quarter increased 4.87 per cent to Rs 517 crore, and the net interest margin (NIM) dropped to 2.21 per cent from 2.41 per cent.

Provisions and contingencies increased to Rs 205.32 crore from Rs 86.83 crore.

The credit-deposit ratio of the bank stood at 72.68 per cent as at March 31, 2013, as against 70.64 per cent in the same period last year.

Current account savings account (CASA) deposits grew 11.3 per cent in FY13. During Q4 CASA grew 53.75 per cent to Rs 1,655.98 crore. CASA ratio was at 20 per cent of total deposits as at the end-March against 20.91 per cent in the same period last year.

Source: thehindubusinessline


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