With treasury, wholesale and retail segments performing well, Vijaya Bank has posted an 80.21 per cent rise in net profit at ₹143.38 crore for the third quarter of this financial year against ₹79.56 crore in the same period last year.

The bank’s total income was also higher by 19 per cent at ₹4,106 crore, compared with ₹3,451 crore recorded in the same quarter last year. EPS stood at ₹1.10 against ₹0.72 recorded last year.

RA Shankara Narayanan, Managing Director and CEO of Vijaya Bank, said all segments performed well. The total mix of corporate sector credit saw a growth of 51.59 per cent, while retail sector witnessed 48.41 per cent growth in credit.

Merger update

On the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda, he said three committees – steering, integration, and functional – have been constituted and are meeting at regular intervals.

“In any amalgamation, the main concerns will be around Human Resources (HR) and Information Technology (IT); right now, we are addressing it. On IT, Vijaya Bank and Dena are version 7 of finacle, while Bank of Baroda is at the advanced version 10,” he further said.

The asset quality of the bank during the quarter is as follows: Gross NPA for Q3 is ₹8,140 crore (last year ₹6,829 crore) and percentage of gross NPA to total loans is 6.14 per cent (6.17 per cent). Net NPA is ₹5,296 crore (last year ₹4,317 crore) and percentage of net NPA is 4.08 per cent (3.99 per cent). Provision coverage ratio of the bank has improved to 61.93 per cent from 61.25 per cent last year.

 

 

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