ING Vysya Q3 profit falls 13% to Rs145.69 crore
1 min read . Updated: 21 Jan 2015, 05:04 PM ISTThe bank's profit was lower than the median estimate of `194.7 crore by 13 analysts in a 'Bloomberg' poll
ING Vysya Bank Ltd on Wednesday said net profit in the three months ended December fell 13% to ₹ 145.69 crore from ₹ 167.34 crore in the year-ago period due to higher provisions and a drop in other income.
The bank’s profit was lower than the median estimate of ₹ 194.7 crore by 13 analysts in a Bloomberg poll.
Provisions and contingencies for the fiscal third quarter rose 167.32% to ₹ 61.51 crore compared with ₹ 23.01 crore a year ago. Other income fell 4.2% from a year ago to ₹ 205.56 crore.
Net interest income, or the difference between interest earned on loans and that paid for deposits, increased 18.15% to ₹ 491.65 crore from ₹ 416.12 crore last year.
Net non performing assets rose to 0.66% versus 0.42% last year.
ING Vysya’s shares closed at ₹ 978.20 on BSE, up 0.09%, while India’s benchmark Sensex rose 0.36% to 28,888.86 points.
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