Financial Daily from THE HINDU group of publications
Friday, Jul 29, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 29, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks ING Vysya Bank posts Rs 9-crore net in Q1 Our Bureau
Bangalore , July 28 ING Vysya Bank posted a net profit of Rs 9 crore during the first quarter of the current fiscal as against the Rs 20-crore loss it recorded for the corresponding period last year. It recorded a net profit of Rs 5 crore for the quarter ended March 31, 2005. Net interest income from core banking increased to Rs 104 crore during the current quarter, recording a growth of 32 per cent, up from Rs 79 crore as compared to the first quarter of the previous year. Segment-wise, Core Banking profit (before tax and after provisions) from activities relating to basic lending and deposit activities, including interest on securities net of amortisation and excluding treasury and market operations, increased sequentially from Rs 7 crore last quarter to Rs 19 crore in the current quarter, but declined when compared to Rs 23 crore recorded during the same period last year. Treasury operations saw a reduction in loss to Rs 2.4 crore as against Rs 58 crore last year and a loss of Rs 9 crore during the last quarter. The capital adequacy ratio (CAR) stood at 11.90 per cent, as of June 30, 2005. The total deposits of the bank increased from Rs 12,569 crore as on March 31, 2005, to Rs 12,606 crore as on June 30, 2005, reflecting a flat growth in the last quarter. This, however, on a year-to-year basis reflected a growth of 26 per cent over the June 2004 position of Rs 10,033 crore. Net advances increased by 36 per cent during April-June 2005 at Rs 9,011 crore as compared to Rs 6,618 crore for the same period in 2004. The Credit Deposit Ratio (excluding inter-bank deposits) declined to 76 per cent in June 2005, down from 79 per cent in March 2005.
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