Bangalore-based Vijaya Bank has reported 5.5% growth in net profit at Rs 143.75 crore for the second quarter ended September 2014 compared to Rs 136.22 crore in the corresponding quarter last year.
Increase in yield on advances and improvement in asset quality has helped Vijaya Bank to achieve higher net profit growth for the current quarter.
The total income for the quarter went up 16% to Rs 3,254 crore as against Rs 2,814 crore same quarter last year. It has reported a 12 per cent rise in operating profit at Rs. 306.10 crore. Advances for the quarter increased by 9.95 per cent to Rs. 78,540 crore, while deposits grew a tad higher by 14 per cent to Rs. 1.07 lakh crore.
The Bank's provisions towards non-performing assets were up 16% to Rs 153 crore as against Rs 132 crore. It's gross NPAs increased by 13 per cent to Rs. 2,239 crore over the corresponding last quarter's Rs. 1,980 crore. The Gross NPA ratio went up marginally to 2.85 per cent from 2.77 per cent in the corresponding previous quarter. Also, the net NPA ratio saw a marginal increase to 1.88 per cent from 1.75 per cent. The provision coverage ratio stood at 63.10 per cent.
The bank has raised Rs. 500 crore through Tier II bonds during October and is coming out with a QIP issue to raise Rs 600 crore during the January-March quarter.
Increase in yield on advances and improvement in asset quality has helped Vijaya Bank to achieve higher net profit growth for the current quarter.
#VijayaBank to raise Rs. 600 crore via QIP pic.twitter.com/BZMrMgxAyI
— Press Release Watch (@PrReleaseWatch) November 7, 2014
The total income for the quarter went up 16% to Rs 3,254 crore as against Rs 2,814 crore same quarter last year. It has reported a 12 per cent rise in operating profit at Rs. 306.10 crore. Advances for the quarter increased by 9.95 per cent to Rs. 78,540 crore, while deposits grew a tad higher by 14 per cent to Rs. 1.07 lakh crore.
The Bank's provisions towards non-performing assets were up 16% to Rs 153 crore as against Rs 132 crore. It's gross NPAs increased by 13 per cent to Rs. 2,239 crore over the corresponding last quarter's Rs. 1,980 crore. The Gross NPA ratio went up marginally to 2.85 per cent from 2.77 per cent in the corresponding previous quarter. Also, the net NPA ratio saw a marginal increase to 1.88 per cent from 1.75 per cent. The provision coverage ratio stood at 63.10 per cent.
The bank has raised Rs. 500 crore through Tier II bonds during October and is coming out with a QIP issue to raise Rs 600 crore during the January-March quarter.
