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ING Vysya Bank Q3 net profit rises 36% to Rs 162 cr

Source : BUSINESS_STANDARD
Last Updated: Mon, Jan 28, 2013 20:11 hrs
ING Vysya Bank

ING Vysya Bank on Monday said its net profit for the quarter ended December 31, 2012, increased by 36 per cent from a year ago to Rs 162 crore.

Rise in interest income, improved margin and lower provisions aided the bank's earnings growth during the quarter.

Net interest income, or the difference between interest income and interest expense, grew by 25 per cent year-on-year to Rs 403 crore.

Net interest margin improved to 3.61 per cent in October-December quarter from 3.49 per cent a year earlier.

"Our net interest margin has probably peaked. But we still hope to maintain the margin at the upper end of our guidance of 3.25-3.30 per cent in the current financial year," Jayant Mehrotra, chief financial officer at ING Vysya Bank, said in his post-earnings comments.

Provisions fell by 26.5 per cent from a year ago as the private lender improved its asset quality. Gross non-performing asset ratio improved by 24 basis points to 1.77 per cent, while net bad loan ratio narrowed by 26 basis points to 0.05 per cent.

Gross advances grew by 20 per cent to Rs 32,153 crore despite repayment in two large telecom accounts amounting to Rs 1,800 crore. Restructured loan portfolio accounted for 1.3 per cent of the gross advances.

Total deposits were at Rs 37,691 crore at the end of December 2012, up 19 per cent from a year ago. Share of low-cost current account savings account (Casa) deposits was 31.7 per cent of total deposits.

The bank closed the quarter with a capital adequacy ratio of 12.47 per cent.

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