Financial Daily from THE HINDU group of publications
Friday, Apr 23, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 23, 2004 |
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Corporate Results
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Public Sector Banks Money & Banking - Public Sector Banks Vijaya Bank posts 110 pc rise in net; to pay Rs 2.5 Our Bureau
Mr M. S. Kapur, Chairman and Managing Director, Vijaya Bank, and Mr P. A. Sethi, Executive Director, at a press conference in Bangalore on Thursday. - - G. R. N. Somashekar
Bangalore , April 22 VIJAYA Bank's net profit for 2003-04 has more than doubled to Rs 411.31 crore from Rs 196.56 crore a year back, fuelled by strong growth in credit and deposits and tight operational costs despite falling treasury income. The bank reported total income of Rs 2,465.78 crore for 2003-04, up 22 per cent from Rs 2,016.83 crore. It has announced a dividend of 25 per cent for the year. Vijaya Bank expects to report a total business close to Rs 43,000 crore in 2004-05, of which Rs 28,000 crore is likely to come from deposits and Rs 15,000 crore from advances. There has been considerable momentum in both advances and deposits, which would help the bank achieve its target, said Mr M.S. Kapur, Chairman and Managing Director. Net profit for the fourth quarter of 2003-04 almost doubled to Rs 124.41 crore (Rs 65.45 crore), while total income stayed almost flat at Rs 604.1 crore (Rs 603.34 crore). It reported 23.47 per cent growth in deposit, which swelled to Rs 21,015.05 crore. Savings deposit grew 26.66 per cent to Rs 4,447.31 crore (Rs 3,511.13 crore). Gross advances stood at Rs 3,151.06 crore, up 38.50 per cent. Retail lending led the growth with Rs 2,822 crore being disbursed, up from Rs 1333 crore a year back. Retail lending accounted for 34.42 per cent of gross credit and going forward, the bank aims to make it 50 per cent of its total advances, Mr Kapur said. Disbursement under housing sector advances shot up by 160.37 per cent to Rs 1,255 crore (Rs 482 crore). The bank booked Rs 171.88 crore as floating provision towards bad debts in addition to the RBI-stipulated Rs 114.56 crore provision towards NPAs. It wrote off its entire public issue expenditure to the tune of Rs 11.52 crore and paid a higher tax of Rs 142.96 crore (Rs 38.13 crore). NPAs fell by Rs 105.84 crore or 51.42 per cent during the year from Rs 205.81 crore a year earlier, pushing the NPA ratio to 0.91 per cent from 2.61 per cent. Total cash recovery of bad accounts was Rs 203.74 crore. The bank extended NPA provision coverage ratio to 73.50 per cent from 57.45 per cent. Operating profit excluding treasury profit rose by 151.84 per cent to Rs 521.99 crore (Rs 207.27 crore). The bank's capital adequacy ratio stood at 14.1 per cent as on March 31, 2004. On Thursday, the Vijaya Bank stock ended 1.5 per cent higher on the BSE after touching a day's high of Rs 74.30.
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