Vijaya Bank on Monday posted a 22% y-o-y increase in net profit for the quarter ended June, helped by growth in net interest income. The bank reported profit of R161.46 crore against R132.46 crore a year ago.
Net interest income grew 11.37% to R535.48 crore from R480.83 crore a year ago. Total income for the quarter was up 18.19% at R3,189.95 crore from R2,698.82 crore a year ago. The Vijaya Bank scrip gained 0.51% on the BSE to close at R49.35.
Total provisions were lower at R129 crore compared to R198 crore in the same period last year, but provisions for non-performing assets (NPAs) doubled to R141 crore against R68 crore in the year-ago period.
Vijaya Bank’s net NPA ratio for the quarter increased to 1.77% from 1.45% in the corresponding period last year.
The net NPA level stood at R1,347.11 crore as of June 30, 2014. Vijaya Bank said it was in the process of raising equity capital of R600 crore through a qualified institutional placement (QIP) to augment its tier-one capital.
