Vijaya Bank net drops 58.5%

Public sector lender Vijaya Bank on Thurday reported a 58.5 per cent drop in its net profit at Rs 54.23 crore for the quarter ended March 31, compared to the year-ago period. The operating profit of the bank stood at Rs 109.9 crore, a drop of 65 per cent.

“The drop in net profit was mainly on account of provisions for wage revision. The bank made a one-time provision of Rs 180 crore towards second pension for retiring employees,” said H S Upendra Kamath, cmd.

The total income of the bank during the quarter rose 15.8 per cent to Rs 1,751.6 crore, compared with Rs 1,511.6 crore in the year-ago period. Interest income rose 22.08 per cent to Rs 1,609 crore, compared with Rs 1,318 crore in the year-ago period.

Source: Business Standard