NEWS & ADVICE : SAVINGS ACCOUNTS
High operating incomes see Vijaya Bank's profits soar; provisioning falls
By Neelima Shankar
Jul 26, 2012
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Private sector lender, Vijaya Bank announced its quarterly results and reported a 54% increase in its net profits. The bank's bottom line for the period ending June 30 2012 stood at Rs. 111.36 crore against Rs. 72.31 crore a year ago.

The bank's total income grew by 18.8% to Rs. 2,319.9 crore compared with Rs. 1,953.4 crore a year before ,while net interest income increased from Rs. 1,786 crore to Rs. 2197 crore. Provisioning made for bad loans decreased from Rs. 231 crore in Q1 FY12 to Rs. 130 crore in current fiscal.

"Efforts made towards improving asset quality and containing the amount as well as the percentage of delinquent assets at below March 2012-levels paved the way for overall good numbers" said Mr. HS Upendra Kamat. He further added that bank would emphasize more on recoveries from written off loans and NPAs.

The bank increased its advances by 16%, while it registered a total business of Rs. 1,45,770 crore up from Rs. 126756.5 y-o-y basis. For the current fiscal bank has set targets of Rs. 1,65,000 crore in business volume.

 


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