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Our Bureau

Bangalore , Jan. 25

ING Vysya Bank has reported a net profit of Rs 6.37 crore for the third quarter of the financial year, down from Rs 23.8 crore during the corresponding quarter of the previous year.

The lower profit was partly due to the reduced gross income of the bank and the higher provision for depreciation of securities.

Gross income during the third quarter was Rs 289.78 crore, down from Rs 303.28 crore. The reduction was partly on account of the reduction in income from investments and treasury incomes. Income from investments dropped to Rs 57.35 crore from Rs 66.54 crore. Treasury income also fell to Rs 47.26 crore from Rs 71.38 crore.

The bank, however, managed to raise its income from core operations. The bank's interest earning on advances was Rs 167.07 crore up from Rs 134.37 crore.

It also managed to keep its gross expenditure under control. Gross expenditure dropped to Rs 254.27 crore from Rs 258.54 crore.

Interest expenditure was held down to Rs 151.14 crore (Rs 170.37 crore).

Operating profits during the third quarter was Rs 44.51 crore, marginally lower than the corresponding quarter of the previous year of Rs 45.28 crore.

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