New Delhi: State-owned Vijaya Bank has reported nearly fourfold jump in its net profit to Rs230.28 crore for the third quarter ended December despite rise in bad loans.
The bank had posted a net profit of Rs52.61 crore in the year-ago period, it said in a BSE filing today. The bank’s total income rose to Rs3,714.37 crore in the quarter under review from Rs3,237.02 crore in the same period a year ago, Vijaya Bank said.
The bank’s gross non-performing assets (NPA) rose to 6.98% as against 4.32% in the same quarter last fiscal. Net NPA rose to 4.74% in the quarter under review compared to 2.98% a year ago. As a result, provision for bad loans have significantly increased to Rs424.17 crore as against Rs278.72 crore in the year-ago period.