The Hindu Business Line : ING Vysya Bank net rises 60%

Bangalore, July 21 ING Vysya Bank today reported an increase of 60 per cent in its net profit at Rs 40.63 crore for the quarter ended June 30, 2008 compared with Rs 25.32 crore for the corresponding period last fiscal. A 52 per cent jump in net interest income and a 49 per cent growth in the other income helped the bank notch up an overall income of Rs 285.85 crore. However, due to volatility in the market, fluctuating interest rates and higher risk costs in the bank’s investment costs, the company’s profit was depressed.

Net interest income for the quarter increased by Rs 157.97 crore(Rs 103.84 crore). Other income, including fee-based income, grew to Rs 127.88 crore from Rs 85.83 crore, driven by a strong growth in both retail and wholesale segments. Provision and contingencies increased to Rs 41.43 crore from Rs 15.89 crore, due to higher risk costs and depreciation in the bank’s investment portfolio.

As on June 30, the net worth stood at Rs 1, 467 crore and the capital adequacy ratio at 10.38 per cent, said Mr Vaughn Richtor, Managing Director, adding “In this changing economic environment, we are pleased to report continued improvement in the core operating performance of the bank. We remain focused on profitable growth and expanding the franchise.”

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