Vijaya Bank Q2 net profit up 34% to Rs154.55 crore
Mumbai: Vijaya Bank on Thursday reported 34.05% rise in its net profit for the September quarter due to higher net interest income and other income. Net profit for the quarter stood at Rs154.55 crore as compared Rs115.29 crore a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, rose 19.5% to Rs827.82 crore in the September quarter from Rs692.55 crore last year. Other income increased 100.23% to Rs388.31 crore from Rs193.93 crore in the same period last year.
Gross non-performing assets (NPAs) at Vijaya Bank fell 1.5% to Rs6,490.52 crore at the end of the September quarter from Rs6,589.23 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 87.6% from Rs3,459.90 crore. As a percentage of total loans, gross NPAs were 7.07% at the end of the September quarter as compared to 7.31% in the previous quarter and 3.98% in the year-ago quarter.
Provisions and contingencies rose 45.55% to Rs389.82 crore in the quarter from Rs267.82 crore a quarter ago. On a year-on-year basis, provisions jumped 42.5% from Rs273.47 crore. Net NPAs were at 5.1% in the September quarter compared to 5.42% in the previous quarter and 2.84% in the same quarter last year.
At 12.30pm, Vijaya Bank was trading at Rs 46.6 on the BSE, up 15% from its previous close, while India’s benchmark Sensex index fell 0.24% to 27,769.85 points.