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Higher yield on advances has lifted Vijaya Bank’s net profit 10.41 per cent to Rs 136.22 crore for the second quarter of this fiscal compared with Rs 123.37 crore in the same period last year. Total income was also higher by 22.24 per cent at Rs 2,813.66 crore compared with Rs 2,301.72 crore recorded in the same quarter last year. EPS stood at 2.75 as against 2.49 .
H. S. Upendra Kamath, Chairman and Managing Director, said: “The bank’s profits are high due to flat growth in cost of deposits and higher yields on advances.” Cost of deposits was 7.89 per cent compared to last year’s 8.13 per cent. Yield on advances has come down to 11.49 per cent compared to last year’s 11.67 per cent. Operating profit was up 27.47 per cent at Rs 272.89 crore, against Rs 214.09 crore last year. The bank’s gross NPA for Q2 was Rs 1,980.70 crore (Rs 1,896.52 crore). Net NPA was at Rs 1,232.19 crore (Rs 1,116.45 crore). Net Interest Margin stood at 2.26 per cent compared to 2.10 per cent in the corresponding quarter of the previous year. Net Interest Income for the quarter increased by 29.33 per cent to Rs 582 crore from Rs 450 crore. Capital adequacy ratio under Basel III requirements was at 10.63 per cent as on September 30.
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