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Shares of private sector lender ING Vysya Bank surged nearly 9 per cent on the bourses today after the company reported a 53 per cent rise in net profit for the July-September quarter.
After starting the day on a positive note, the stock climbed 8.11 per cent to a high of Rs 339.80 on the BSE. On the National Stock Exchange, the scrip jumped 8.97 per cent to an early high of Rs 340.70.
The Bangalore-based lender had yesterday reported a 53 per cent rise in net profit to Rs 115.4 crore for the July-September quarter, driven by higher net interest income (NII) and lower provisioning.
The bank had reported a net income of Rs 75.26 crore in the corresponding quarter last fiscal.
Total income rose 31.66 per cent to Rs 1,095.53 crore from Rs 832.05 crore in the year-ago period, while net interest income increased 19 per cent to Rs 303.6 crore in the reporting quarter.
The rise in the stock was in sharp contrast to the weak trend in the broader market, with the BSE benchmark Sensex trading lower by 302.78 points at 16,722.31 in the pre-noon trade.
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