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Business News/ Companies / Company-results/  ING Vysya Bank Q3 profit up 36%
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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

ING Vysya Bank’s net interest income for the quarter increased by 24.5% to `402.9 crore from a year earlier. Photo: Pradeep Gaur/Mint (Pradeep Gaur/Mint)Premium
ING Vysya Bank’s net interest income for the quarter increased by 24.5% to `402.9 crore from a year earlier. Photo: Pradeep Gaur/Mint
(Pradeep Gaur/Mint)

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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Published: 28 Jan 2013, 06:01 PM IST
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