Processing .....please wait.. 
The article has been forwarded.... 
Vijaya Bank net up 21 percent in first quarter
Friday, 23 July 2010, 14:29 IST
Bangalore: State-run Vijaya Bank reported a 21 percent rise in net profit at 
174 crore for the first quarter (April-June) of this fiscal (2010-11) as against 144 crore in like period of previous fiscal (2009-10).
"Our core earnings continue to show improvement despite a slackened pace of business in the first quarter. Operating profit shot up 50 percent year on year (YoY) to 315 crore on 48 percent YoY growth in net interest income (NII) during the quarter under review," Chairman and Managing Director Albert Tauro told reporters here.
Similarly, the bank's net interest margin (NIM) increased by 57 basis points to 2.9 percent from 2.33 percent year ago, while return on assets improved fractionally to 0.96 percent from 0.93 percent a year ago.
"Cost of deposits declined by 128 basis points to 5.54 percent from 6.82 percent year ago, while yield on advances improved to 10.72 percent from 9.84 percent in the like period," Tauro said.
Total income, however, increased by mere four percent YoY to 1,520 crore from 1,463 crore as trading profit from treasury operations (trading profit) declined to 170 crore from 203 crore year ago and non-interest income dipped to 11 crore from 21 crore.
"We have lowered expenses during the quarter under review to 121 crore from 125 crore year ago," Tauro noted.
The total business increased 14 percent YoY to 104,621 crore, with deposits growing 14 percent to 62,673 crore and advances 13 percent YoY to 41,948 crore during the quarter.
"We are targeting a total business of 126,000 crore for this fiscal (FY 2011), envisaging 21 percent YoY growth," Tauro added.
The bank's gross non-performing assets (NPA) declined to 2.32 percent from 2.94 percent YoY and net NPA to 1.35 percent from 1.58 percent YoY.
The bank's capital adequacy ratio (CAR) stood at 14.74 percent as against 13.34 percent as a result of the government subscribing to perpetual non-cumulative preference shares to the tune of 700 crore during the quarter.
Source: IANS
174 crore for the first quarter (April-June) of this fiscal (2010-11) as against 144 crore in like period of previous fiscal (2009-10).
"Our core earnings continue to show improvement despite a slackened pace of business in the first quarter. Operating profit shot up 50 percent year on year (YoY) to 315 crore on 48 percent YoY growth in net interest income (NII) during the quarter under review," Chairman and Managing Director Albert Tauro told reporters here.
Similarly, the bank's net interest margin (NIM) increased by 57 basis points to 2.9 percent from 2.33 percent year ago, while return on assets improved fractionally to 0.96 percent from 0.93 percent a year ago.
"Cost of deposits declined by 128 basis points to 5.54 percent from 6.82 percent year ago, while yield on advances improved to 10.72 percent from 9.84 percent in the like period," Tauro said.
Total income, however, increased by mere four percent YoY to 1,520 crore from 1,463 crore as trading profit from treasury operations (trading profit) declined to 170 crore from 203 crore year ago and non-interest income dipped to 11 crore from 21 crore.
"We have lowered expenses during the quarter under review to 121 crore from 125 crore year ago," Tauro noted.
The total business increased 14 percent YoY to 104,621 crore, with deposits growing 14 percent to 62,673 crore and advances 13 percent YoY to 41,948 crore during the quarter.
"We are targeting a total business of 126,000 crore for this fiscal (FY 2011), envisaging 21 percent YoY growth," Tauro added.
The bank's gross non-performing assets (NPA) declined to 2.32 percent from 2.94 percent YoY and net NPA to 1.35 percent from 1.58 percent YoY.
The bank's capital adequacy ratio (CAR) stood at 14.74 percent as against 13.34 percent as a result of the government subscribing to perpetual non-cumulative preference shares to the tune of 700 crore during the quarter.
Source: IANS