Custom Search

Tuesday, July 23, 2013

ING Vysya Bank’s Q1 profits up 34.58%

ING Vysya Bank’s net profit for the first quarter (Q1) ending June 30, 2013 increased significantly by 34.58 per cent to Rs 175.12 crore, compared with Rs 130.12 crore in the same period the previous year.

The bank’s total income also up 15.6 per cent, at Rs 1,553.08 crore for Q1 this fiscal (Rs 1,342.36 crore same period last year). EPS (basic) stood at Rs 11.25 (Rs 8.66).

Operating profit was higher by 50.3 per cent to Rs 326.9 crore and cost to income ratio improved to 51.2 per cent from 57.7 per cent. The bank’s operating cost in Q1 climbed by 15.6 per cent to Rs 343 crore.

Net interest margins

Shailendra Bhandari, Managing Director, said: “We continue to deliver on our core parameters. Our customer assets grew by 18.2 per cent. There was significant improvement in Net Interest Margins (NIM) at 3.56 per cent and return on assets (ROA) at 1.33 per cent for the quarter (3.29 per cent and 1.11 per cent respectively for the similar previous quarter).”

“In particular, the bank’s NIM was strong in what is normally a seasonally weak quarter, and we are well on track to more than match the full-year NIM of 3.52 per cent achieved last year,” he explained.

Net Interest Income (NII) for the quarter increased by 23.9 per cent to Rs 425.4 crore (Rs 343.3 crore).

Overall asset quality continued to be robust, with gross NPAs and net NPAs at 1.75 per cent and 0.19 per cent respectively as on June 30, 2013 (1.97 per cent and 0.19 per cent respectively).

The provisions and contingencies of the bank jumped to Rs 68.1 crore, from Rs 26.7 crore in the corresponding previous quarter.

“The increase in provision is on account of the slippage of two medium sized companies amounting to Rs 115.3 crore in our wholesale banking space. The asset quality in our other businesses, including SME and Consumer Finance remained solid,” said Bhandari.

Total deposits

Bank’s total deposits stood at Rs 40,923 crore at the end of June 2013, up 14.1 per cent from Rs 35,878 crore as at the end of June 2012. Gross advances are up 12.7 per cent to Rs 33,575.2 crore (Rs 29,801.6 crore). Current and savings deposits of the bank grew by 3.2 per cent to Rs 12,340 crore from Rs 11,952 crore as at end of June 2012. The CASA ratio was at 30.2 per cent of total deposits as at the end of June 2013.

The Capital Adequacy Ratio (CAR) of the bank as at June 30, 2013 was 12.59 per cent as per Basel-III requirement.

Source: thehindubusinessline


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site