Money & Banking

ING Vysya Bank net rises 38% in Q1

Our Bureau Bangalore | Updated on March 12, 2018

ING Vysya Bank has posted 38 per cent increase in net profit at Rs 130.12 crore for the quarter ended June 30, against Rs 94.02 crore, in the same period the previous year.

Total income rose 32.7 per cent y-o-y to Rs 1,342.36 crore (Rs 1,011.29 crore)

Net interest income went up 31 per cent to Rs 343.3 crore. Net interest margin improved to 3.29 per cent (3.02) year-on-year.

The bank notched 48 per cent higher operating profit at Rs 217.5 crore.

It improved its net NPA to 0.19 per cent from 0.35 per cent and gross NPA to 1.97 per cent from 2.15 per cent for Q1 last year.

The CEO and Managing Director, Mr Shailendra Bhandari, said, “We have started the year on a strong note. Advance growth is at 22.9 per cent and deposits at 14.6 per cent. Our cost income ratio has improved to 57.7 per cent from 63.5 per cent resulting in a significant increase in the operating profit growth of 48.1 per cent.”

The bank did not restructure any assets during the quarter. It now has 1,001 outlets including 527 branches and extension counters.

Published on July 24, 2012

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