State-owned Vijaya Bank
on Monday reported more than two-fold (or 235%) jump in its fourth
quarter (Jan-March) net profit, bolstered by lower provisioning and
administrative costs. Net interest income or the difference between
interest earned and paid out, inched up 3% to Rs 493 crore.
During the three month period, provisions (other than tax) and contingencies dropped from Rs 162 to Rs 89 crore, a sharp fall of 82% y-o-y. Similarly, operating expenses fell nearly 40% to Rs 367 crore in the same period.
The bank's asset quality has improved. Gross non-performing asset ratio fell from 2.98% to 2.93% sequentially while net NPA ratio decreased from 1.81% to 1.72%. The lender expanded its loan book by 19% y-o-y (at about Rs 58,000 crore), which is higher than the industry average of 16% in FY12. However, deposits grew at slower pace by 13% to Rs 83,000 crore
Vijaya Bank has proposed to pay a dividend of Rs 2.50 per share. At 15.15 hours, its shares were trading at Rs 58.70, up 3.50% on the NSE.
During the three month period, provisions (other than tax) and contingencies dropped from Rs 162 to Rs 89 crore, a sharp fall of 82% y-o-y. Similarly, operating expenses fell nearly 40% to Rs 367 crore in the same period.
The bank's asset quality has improved. Gross non-performing asset ratio fell from 2.98% to 2.93% sequentially while net NPA ratio decreased from 1.81% to 1.72%. The lender expanded its loan book by 19% y-o-y (at about Rs 58,000 crore), which is higher than the industry average of 16% in FY12. However, deposits grew at slower pace by 13% to Rs 83,000 crore
Vijaya Bank has proposed to pay a dividend of Rs 2.50 per share. At 15.15 hours, its shares were trading at Rs 58.70, up 3.50% on the NSE.
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