The public sector lender, Vijaya Bank, has reported a 2 percent rise in its net profits, which currently stand at Rs. 126.73 crore for the December ending quarter, as compared to Rs. 124.27 crore it earned during the same period last fiscal.
It registered a low growth (just 2 percent) in net profits due to a rise in creating provisions, a move made compulsory by the central bank, in addition to the general slowdown in economy.
Growth was also registered in the loans and deposits segment, which rose to Rs. 65,005 crore Rs. 89,315 crore, respectively. Also, in this quarter, Vijaya Bank did a total business of Rs. 154320 crore, which is the highest ever figure touched by the bank.
The interest income earned on loans and advances rose by the 7.50 percent and income on investments increased by 13.03 percent.
On the occasion, the Chairman and Managing Director of Vijaya Bank, Mr. H. S. Upendra Kamath said that inspite of conditions prevailing in the economy and increased creation of provisions, the revised strategy adopted by the bank helped it to enhance its performance.