Vijaya Bank Q2 profit at Rs 140 crore

Vijaya Bank Q2 profit at Rs 140 crore
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Stateowned Vijaya Bank on Monday reported 2454 per cent fall in net profit at Rs 13994 crore for the quarter ended September 30, 2018 The bank had registered a net profit of Rs 18546 crore in the corresponding quarter last year

Hyderabad: State-owned Vijaya Bank on Monday reported 24.54 per cent fall in net profit at Rs 139.94 crore for the quarter ended September 30, 2018. The bank had registered a net profit of Rs 185.46 crore in the corresponding quarter last year.

Sequentially, the net profit fell 2.8 per cent. In an exchange filing, the city-based bank said that total income for the second quarter of the fiscal year ending March increased over 12 per cent on year to Rs 3,931 crore but was flat sequentially, from Rs 3,936 crore a quarter ago.

“Operating profit for the quarter grew 3.4 per cent on year to Rs 759 crore from Rs 734 crore a year ago but declined 11 per cent sequentially from Rs 852 crore a quarter ago,” according to the filing.

RA Sankara Narayanan, CEO, Vijaya Bank, said, “our total business for the quarter grew 30 per cent on year to Rs 2,96,668 crore, with deposits up 26 per cent to Rs 1,67,628 crore and advances up 37 per cent to Rs 1, 29,040 crore.” “On the lending front, our retail credit increased 27 per cent and housing loans portfolio grew 31 per cent.

Provision for coverage ratio improved to 62.3 per cent from 59.3 per cent,” added Narayanan. The bank's gross non-performing assets (NPA) ratio as on September 30, 2018 improved to 5.86 per cent against 7.06 per cent during the corresponding period last year. Net NPA stood at 3.81 per cent as against 4.86 per cent last year.

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