ING Vysya Bank Q3 profit up 36%
Net profit rises to `162 crore from `120 crore; interest income increases to `906 crore from `737 crore
Mumbai: Private lender ING Vysya Bank Ltd on Monday said third-quarter profit rose 36%, boosted by an increase in interest income.
Net profit rose to ₹ 162 crore, or ₹ 10.45 a share, in the three months ended 31 December, from ₹ 120 crore, or ₹ 7.90, in the year-earlier period. A survey of analysts by Bloomberg had estimated third-quarter profit at ₹ 153 crore.
Interest income increased to ₹ 906 crore from ₹ 737 crore.
On Monday, shares of ING Vysya Bank rose 1.84% to ₹ 573.40 on BSE. The exchange’s benchmark Sensex ended little changed at 20,103.35 points.
Net interest income for the quarter increased by 24.5% to ₹ 402.9 crore from a year earlier.
Gross advances grew by 20% during the year, “notwithstanding the repayments in two large accounts", managing director Shailendra Bhandari said. “Our asset quality continues to improve with gross NPA (non-performing assets) at 1.77% and net NPA at 0.05%."
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