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Vijaya Bank Q2 net profit up 36 percent

Bangalore, Oct 18 (IANS) Vijaya Bank, a leading scheduled bank, Wednesday posted a net profit of Rs.1.02 billion for the second quarter of the current fiscal, registering a growth of 36.4 percent over the same period last year.

Wednesday, October 18, 2006 | 7:36:48 PM IST (+05:30 GMT)
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Bangalore, Oct 18 (IANS) Vijaya Bank, a leading scheduled bank, Wednesday posted a net profit of Rs.1.02 billion for the second quarter of the current fiscal, registering a growth of 36.4 percent over the same period last year.

'Sequentially too, we have registered a 41 percent growth from the previous quarter of this fiscal. In view of our robust quarter-on-quarter (QoQ) growth, we have declared an interim dividend of 10 percent for the first half of FY 2007,' Vijaya Bank chairman Prakash Mallya told reporters here.

The operating profit, however, remained subdued during the quarter ended September due to hardening of yields in treasury operations where the activity was limited. As a result, the operating profit grew only by eight percent year-on-year (YoY) to Rs.1.77 billion.

Sequentially, the operating profit declined from Rs.1.95 billion in the Q1 to Rs.1.77 billion in Q2, posting a negative growth of 10 percent.

'But the operating profit from core business, excluding profit from treasury activity, has shot up by 37 percent YoY to Rs.1.66 billion from Rs.1.22 billion in the same period year ago,' Mallya said.

The bank's total business has increased to Rs.516 billion in the quarter under review from Rs.415 billion in the same period year ago.

Similarly, total deposits grew by 23 percent YoY to Rs.320 billion from Rs.259 billion, while savings bank deposits increased by 22 percent YoY to Rs.70.4 billion.

As part of its platinum jubilee celebrations, the bank is launching two loan products - V-Rakshak for the rehabilitation of retired defence personnel and V-Shikshak for teachers.

'We are also launching V-Arogya Bima, an insurance product to cover the healthcare of customers and augment our fee-based income,' Mallya added.

Copyright : Indo-Asian News Service
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