ING Vysya June quarter profit rises 48%, beats forecast

ING Vysya June quarter profit rises 48%, beats forecast
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First Published: Tue, Jul 21 2009. 10 30 PM IST
Updated: Thu, Jul 23 2009. 10 29 AM IST
Mumbai: Private sector lender ING Vysya Bank posted a better-than-expected 48% rise in April-June net profit on higher non-core incomes.
Net profit for the June quarter rose Rs602.6 million, up from Rs406.3 million a year ago.
Fee income and other income rose 25% to Rs1.59 billion, helped by treasury gains, it said in a statement.
Net interest income rose 9% to Rs1.71 billion on a 12% loan growth during the quarter, it said. The net non-performing asset rose to 1.27% from 0.84% a year ago.
Its deposits rose 11% in June quarter, it added. The Bangalore-based bank capital adequacy ratio was at 12.55% as on 30 June.
Ahead of the news, shares in the bank ended 1.12% down at Rs185.30 in a Mumbai market that ended down 0.85%.
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First Published: Tue, Jul 21 2009. 10 30 PM IST