Vijaya Bank Q4 Net Profit up 234 Percent at 181 Crore

BANGALORE: Vijaya Bank today reported a 234 per cent jump in net profit at Rs 180.97 crore for the fourth quarter of 2011-12, up from Rs 54.25 crore in the year-ago period. "Calibrated approach towards improving the business besides containing delinquency of borrowal accounts and costs has resulted in better performance even in the dwindling economic scenario", Chairman and Managing Director H S Upendra Kamath told reporters here. Net interest income during the quarter grew by three per cent, he said. For the year ended March 31, 2012, net profit rose by 10.91 per cent to Rs 581 crore. Net profit for the year was arrived at after making necessary provisions including for NPA of Rs 414 crore, standard assets of Rs 34.81 crore and standard restructured accounts towards economic loss of Rs 39.58 crore. Yield on advances for 2011-12 improved to 11.73 per cent against 10.25 per cent in the previous fiscal. Aggregate business of the bank during the year stood at Rs 1,41,727 crore, comprising Rs 83,056 crore of deposits and Rs 58,671 crore of advances. Gross NPA ratio and net NPA ratio stood at 2.93 per cent and 1.72 per cent, respectively. During 2011-12, the bank opened 100 new branches and 205 ATMs, taking their total number to 1300 and 750, respectively. In the current fiscal, Kamath said the bank plans to add another 100 branches and 200 ATMs. The bank aims to reach a business level of Rs 1,65,000 crore. The bank plans to open gennext and HNI (high networth individuals) branches during 2012-13 in metros and other major cities to suit the requirements of "modern citizens and elite customers", he added.