State-owned Vijaya Bank on Monday reported more than
two-fold (or 235%) jump in its fourth quarter (Jan-March) net profit, bolstered
by lower provisioning and administrative costs. Net interest income or the
difference between interest earned and paid out, inched up 3% to Rs 493 crore.
During the three month period, provisions (other than tax)
and contingencies dropped from Rs 162 to Rs 89 crore, a sharp fall of 82%
y-o-y. Similarly, operating expenses fell nearly 40% to Rs 367 crore in
the same period.
The bank's asset quality has improved. Gross non-performing
asset ratio fell from 2.98% to 2.93% sequentially while net NPA ratio decreased
from 1.81% to 1.72%. The lender expanded its loan book by 19% y-o-y (at about
Rs 58,000 crore), which is higher than the industry average of 16% in FY12.
However, deposits grew at slower pace by 13% to Rs 83,000 crore
Vijaya Bank has proposed to pay a dividend of Rs 2.50 per
share. At 15.15 hours, its shares were trading at Rs 58.70, up 3.50% on the
NSE.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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