The Hindu Business Line : ING Vysya Q1 net profit up 61 pc

An ING Vysya Bank release said that Q1 net profits for the current year was Rs 14.79 crore as against Rs 9.15 crore for the corresponding period of the last financial year. Increased revenues and lower depreciation provisions during the period largely drove the improved profits.

The bank reported gross income of Rs 364.07 in Q1 up from Rs 331.34 during the corresponding period of the last financial year. For the same period interest income was Rs 321.19 crore, up from Rs 289.14 crore.

Investment incomes

Income from investments also went up slightly during the period to Rs 81.88 crore from Rs 76.51 crore. The improved investment incomes were largely driven by higher coupon flows and higher yield on Treasury Bills for the period.

During the period, the bank reported gross expenditure of Rs 321.87 crore, up from Rs 295.67 crore. The increased expenditure was largely driven by increased interest expenditure. Interest expenditure during the period rose to Rs 198.19 crore from Rs 187.18 crore.

During the period under review, the bank's gross non-performing assets ratio also showed a rise. The ratio rose to 4.09 per cent in Q1 from 2.04 per cent. In absolute terms however, the figure dropped to Rs 401.57 crore from Rs 465 crore.

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