Vijaya Bank has posted a 337.71 per cent rise in profit to ₹230.28 crore for the third quarter (Q3) of this fiscal (FY17) from ₹52.61 crore in the same period last year.
Total income of the bank rose 14.74 per cent to ₹3,714.37 crore from ₹3,237.02 crore in the same quarter last year. EPS stood at ₹1.13 as against ₹0.60 recorded last year.
Commenting on bank’s Q3 performance, Kishore Sansi, MD and CEO of Vijaya Bank, said “We were able to sharply reduce bulk deposits, avoided risky corporate credit and had good treasury yields backed by cash recovery to the tune of ₹111 crore during the quarter.”
Revenues from treasury operations in Q3 stood at ₹1,224.62 crore (₹798.40 crore in the year-ago period). Wholesale banking revenues came in at ₹807.54 crore ( ₹1,433.54 crore) and retail banking revenues, ₹1,454.07 crore ( ₹800.06 crore).
Gross NPA (non-performing assets) in Q3 rose to 6.98 per cent of total advances (4.32 per cent in the year-ago quarter), and net NPA moved up to 4.74 per cent (2.98 per cent).
Net Interest Income (NII) increased to ₹907 crore ( ₹738 crore in the year-ago period). Net Interest Margin (NIM) rose to 2.85 per cent (2.44 per cent) Provisions and contingencies stood at ₹458 crore, 17.43 per cent over last year’s ₹390 crore. The bank’s RoA (return on assets) improved to 0.59 per cent (0.15 per cent) and RoE (return on equity) to 13.19 per cent (3.39 per cent).
Deposits, advancesLow-cost CASA (current and savings account) deposits increased to ₹36,816 crore, 41.64 per cent more than last year’s ₹25,992 crore. CASA as percentage of total deposits rose to 28.70 (20.72). The bank’s total business touched ₹2,18,589 crore, with deposits at ₹1,28,299 crore and advances at ₹90,290 crore.
Cost of deposits has come down to 6.42 per cent, from 7.26 per cent last year).