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 Rs.162 crore, or Rs.10.45 a share, in the three months ended 31 December, from Rs.120 crore, or Rs.7.90, in the year-earlier period. A survey of analysts by Bloomberg had estimated third-quarter profit at Rs.153 crore.
Interest income increased to Rs.906 crore from Rs.737 crore.
On Monday, shares of ING Vysya Bank rose 1.84% to Rs.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 Rs.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%.”