ING Vysya Bank’s profit rose 30.19 per cent to Rs 150.21 crore in the second quarter of this fiscal. The company’s revenues grew 24.73 per cent to Rs 1,366.49 crore, while EPS stood at Rs 9.96 compared with Rs 7.71 in the same period last year.
Commenting on the performance, Shailendra Bhandari, Managing Director, ING Vysya Bank, said: “We saw good momentum in all our businesses. Our gross advances grew 21 per cent notwithstanding the repayment in one large account.”
The bank’s RoA (return on assets) improved to 1.26 per cent from 1.12 per cent. Net interest income (NII) for the quarter increased by 21.5 per cent to Rs 368.8 crore (Rs 303.6 crore).
The NIM was higher at 3.45 per cent from 3.35 per cent. ‘Other income’ was higher by 4 per cent at Rs 168.9 crore and total income increased by 15.4 per cent to Rs 537.7 crore.
Operating costs for the quarter increased by 12.1 per cent to Rs 310 crore in the quarter ending September 2012.
The bank’s operating profit increased by 20.2 per cent to Rs 227.6 crore and cost-to-income ratio improved to 57.7 per cent from 59.4.
Provisions and contingencies fell to Rs 6.4 crore from a high of Rs 17.5 crore in the corresponding quarter of the previous year. Asset quality continued to be robust with gross NPA (non-performing asset) ratio and net NPA ratio at 1.90 per cent and 0.13 per cent, respectively, compared to 2.02 per cent and 0.31 per cent, respectively, in the same period last year.
Total deposits stood at Rs 36,169 crore at the end of September 2012. Current and savings account (CASA) deposits grew 19 per cent to Rs 11,851 crores (Rs 9,997 crore).