Vijaya Bank net profit for year crosses Rs 500 cr mark

Vijaya Bank net profit for year crosses Rs 500 cr mark
PTI
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First Published: Fri, Apr 30 2010. 07 50 PM IST
Updated: Fri, Apr 30 2010. 07 50 PM IST
Bangalore: Vijaya Bank has posted a net profit of Rs507 crore for the fiscal ending March 2010, up by 93.28% over the corresponding period a year ago and its business volumes crossed the Rs100,000 crore mark.
For the fourth quarter ending March 2010, the bank saw its net profit touch Rs130.92 crore, up by 28%, bank chairman and managing director Albert Tauro told reporters here on Friday.
The bank’s total business was up by 15% at Rs1,03,867 crore. The net interest margin for the full financial year stood at 2.54% as against 2.04% last year. Net interest income for the year rose by 28.83%.
Driven by 28.83% growth in net interest income, operating profit for the full year increased to Rs1,057 crore compared to Rs899 crore for the previous year.
Total deposits for the year was up by 13.56% to Rs61,932 core and gross advances went up by 16.89% to Rs41,935 crore, he said. SB portfolio also crossed the Rs10,000 crore mark with a year-on-year growth of 20%.
For the fourth quarter the bank saw its net interest margin improve from 2.29% to 2.73% quarter-on-quarter.
“Our FY10 financials show significant improvement compared to last year, especially from the viewpoints of efficiency and profitability. Consistent growth in core earnings continues to be the bank’s strong point”, Tauro said.
In terms of NPAs, the gross NPA ratio for the year was at 2.37% as against 1.95% last fiscal and the net NPA ratio stood at 1.40% as against 0.82%.
The bank targetted a business of Rs1,26,000 crore with a year-on-year growth of 20% in the current fiscal. It planned to contain net NPA within one percent and net interest margin to three percent.
It planned to shift to retail mode, have less recourse on bulk business, ensure thrust on SB and high networth individual clients for improving low cost deposit and was looking at adding close to 2,000 head counts, including 800 clerical staff.
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First Published: Fri, Apr 30 2010. 07 50 PM IST