Financial Daily from THE HINDU group of publications
Friday, May 20, 2005
Financial Daily from THE HINDU group of publications Friday, May 20, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks ING Vysya Bank posts Rs 38-cr loss in '04-05 Our Bureau
Bangalore , May 19 ING Vysya Bank ended the financial year 2004-05 with a red inked bottom line, incurring a loss of Rs 38.18 crore. The bank had posted a profit of Rs 59 crore in 2003-04. However, it made a small profit of Rs 4.69 crore for the fourth quarter of the last financial year, as against a loss of Rs 23.26 crore during the corresponding period the previous year. The bank made an operating profit of Rs 99.33 crore for the last year, though it was lower than Rs 261.80 crore in the previous corresponding period. The reduced profits for the year were on account of the large provisions it made for depreciation of investments and non-performing assets. The provisions also brought down the banks' Net NPA down to 2.13 per cent from 2.61 per cent. ING Vysya's total income for the year dropped to Rs 1,111.08 crore from Rs 1,287.42 crore in the previous year.
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