Vijaya Bank net up 35 per cent in Q2

Bengaluru, Oct 27 (IANS) State-run Vijaya Bank on Thursday reported Rs 155 crore net profit for the second quarter (July-September) of this fiscal (2016-17), posting 35 per cent annual growth from Rs 115 crore in the same period in 2015-16.

In a regulatory filing to the stock exchanges, the city-based bank said total income for the quarter under review (Q2) increased 9.8 per cent year-on-year (YoY) to Rs 3,517 crore from Rs 3,203 crore in the corresponding period last year.

Interest earned in Q2 grew only 4 per cent YoY to Rs 3,128 crore from Rs 3,007 crore a year ago.

Operating profit, however, jumped 43 per cent YoY to Rs 571 crore in Q2 from Rs 399 crore a year ago.

Overall provisioning also zoomed 43 per cent YoY to Rs 390 crore in Q2 from Rs 273 crore a year ago, with provision for non-performing assets (NPAs) going up 21 per cent YoY to Rs 326 crore in Q2 from Rs 270 crore in last fiscal.

Gross NPAs soared 88 per cent YoY to Rs 6,491 crore in Q2 from Rs 3,460 crore last year while net NPAs also shot up 88 per cent YoY to Rs 4,587 crore in Q2 from Rs 2,442 crore in 2015-16.

As a result, gross NPA ratio soared to 7.07 per cent in Q2 from 3.98 per cent last year, while net NPA ratio touched 5.10 per cent in Q2 from 2.84 per cent in 2015-16.

–IANS

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