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Vijaya Bank’s efforts to improve its net interest margin (NIM) and reduce non-performing assets (NPAs) have boosted its profit by 186 per cent to ₹203.99 crore in the fourth quarter of 2016-17 (FY17).
The bank’s operating profit rose 123.70 per cent to ₹703.12 crore from ₹314.30 crore in the same period last year.
Total income in Q4 grew 8.55 per cent to ₹3,504.73 crore (₹3,228.48 crore in the same period last year). EPS (basic) stood at ₹2.04 while last year it was ₹0.83. For the whole year (FY17), the bank’s net profit almost doubled to ₹750.48 crore from ₹381.80 crore in the same period last year.
Commenting on the bank’s Q4 performance, Kishore Sansi, Managing Director and CEO, Vijaya Bank, said: “Our key focus on improving the bank’s net interest margin and reduction in NPAs has paid off. Also, our performance in retail and MSME was robust.” The bank’s gross NPA ratio for Q4 stood at 6.59 per cent (6.64 per cent) and the net NPA ratio at 4.36 per cent (4.81 per cent).
The bank’s net interest income (NII) rose 48 per cent to ₹989.49 crore and NIM to 3.10 per cent from 2.20 per cent.
Other income rose 65 per cent ₹450.16 crore, while fee-based income was up 30.48 per cent at ₹226.44 crore.
Deposits, advancesCurrent account, savings account (CASA) deposits rose 28.32 per cent to ₹37,373 crore.
The bank’s total business climbed 6.30 per cent to ₹2,29,833 crore, with advances growing 6.67 per cent to ₹96,821 crore and deposits 6.04 per cent to ₹133,012 crore.
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