Sunday, July 23, 2017

.@VijayaBankIndia net up 57 per cent in Q1, touches Rs 255 cr.

Bengaluru: Aided by a 20.59% growth in Net Interest Income and a 114.49% jump in other income, Net Profit of Vijaya Bank for June 2017 quarter zoomed by 57.55% to reach all time quarterly high of Rs. 254.69 crores. Operating Profit of the Bank registered growth of 64.05% and reached Rs. 752.55 crore for June 2017.

The Bank continued to excel in the area of Retail Credit evidenced by a substantial overall Retail Credit growth of 22.80% and a 26.41% growth in Housing Loan portfolio, in particular.

CASA Deposits have increased to Rs. 36,318 crores, up by 29.82%.  Savings Bank Deposits have recorded a growth of 29.11% to reach Rs. 28,320 crores and Current Account Deposits have increased to Rs. 7,998 crores and recorded a impressive growth of 32.42%.

The Bank continued to focus on its Assets Quality which is witnessed by a decline in Net NPA to 5.24% from 5.42% a year ago, improvement in Provision Coverage Ratio from 48.55% to 56.01% though Gross NPA Ratio remained flat at 7.30%.  CRAR of the Bank at 12.73% as of June 2017 (Basel III) is well above the prescribed minimum regulatory requirement.

The bank has made an adhoc provision of Rs 40 crore during the quarter for NPA accounts covered under Insolvency and Bankruptcy Code (IBC) effective from July 1, 2017. Vijaya Bank is required to provide an estimated amount of Rs 132 crore in respect of NPA accounts this financial year.