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BANGALORE, May 15

VIJAYA Bank has reported an 81.5 per cent rise in net profit to Rs 130.90 crore, against the Rs 70.73 crore of the previous year. While total credit registered an 8.3 per cent rise, total deposits rose 16.2 per cent to Rs 14,681 crore during the year, announced Mr Michael Bastian, Executive Director, here on Wednesday.

Total business in the coming year (2002-03) is targeted to increase to Rs 25,000 crore, compared to the current Rs 21,000 crore, with an increased emphasis on retail lending schemes where Vijaya Bank will aim to lend over Rs 1,000 crore in the coming year, Mr Bastian said.

"With the economy still slow, neither are new businesses starting up nor are existing businesses planning expansions. We will emphasise retail lending,'' he said.

The bank also intends to commence depository services and provide Bancassurance services at select bank branches, he said. The foray into insurance business will also see progress, Mr Bastian said.

Operating expenses declined to Rs 421.63 crore from Rs 438.13 crore, mainly due to reduction in staff costs, Mr Bastian said, adding that the staff strength fell to 11,827 from 13,471 at the bank.

Vijaya Bank's percentage of gross NPAs to gross advances fell to 9.39 per cent from 10.01 per cent while the net NPAs to net advances ratio declined to 6.02 per cent from 6.23 per cent. Capital adequacy ratio improved to 12.25 per cent from 11.5 per cent, while the Government shareholding fell to 70.02 per cent from 72.16 per cent due to return of capital amounting to Rs 25.72 crore.

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