Financial Daily from THE HINDU group of publications
Friday, Jan 28, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 28, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Vijaya Bank Q3 net down 49 pc Our Bureau
Bangalore , Jan. 27 VIJAYA Bank has reported a 49.44 per cent reduction in net profit for the third quarter this financial year to Rs 55.67 crore against Rs 110.11 crore during the corresponding quarter of the previous financial year. The bank's reduced net profit stemmed from a fall in gross income, triggered by a sharp drop in treasury profits and a steep rise in provisions for depreciation in value of investments. Gross income for the quarter was down to Rs 611.73 crore from Rs 627.33 crore. While interest on advances rose to Rs 299.90 crore , interest on investments fell to Rs 234.23 crore from Rs 245 crore. But, the sharp drop was in other income, which also included treasury profits. Treasury profits dropped to Rs 68.80 crore from Rs 111.15 crore. Gross expenditure was Rs 427.49 crore, up from Rs 395.72 crore. The increase was driven by increases in both interest and operating expenditure. Interest expenditure rose to Rs 292.30 crore from Rs 280.55 crore. Operating expenditure increased to Rs 135.19 crore from Rs 115.17 crore. Operating profit was Rs 184.24 crore, down from Rs 231.61 crore. Provisions, which included those for depreciation, resulting from diminution in the value of investments, rose to Rs 107.63 crore up from Rs 89.50 crore.
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