Bangalore-based Vijaya Bank on Tuesday reported a 36.84 per cent rise in its net profit at Rs 126.88 crore for the third quarter ended December 31, 2007 compared to Rs 92.73 crore in the corresponding period last year. A write back of Rs 22.50 crore of an earlier provision significantly helped the Bank to boost its profit. 

However, the operating profit grew by only 4.18 per cent to Rs 158.63 crore for the reported quarter as against Rs 152.26 crore for the same period in the last fiscal. Interest income from advances increased to 693.62 crore in the December quarter registering a growth rate of 51.09 per cent. Total income of the bank grew by 45.14 per cent at Rs 1139.19 crore for the third quarter as against Rs 784.86 crore in the same period last fiscal.
Total business of the bank grew by 32.67 per cent to Rs 71,607 crore for the nine months ended December 31, 2007 as against Rs 53,975 crore in the corresponding period last year.

Total business target

Briefing reporters here, Vijaya Bank’s Chairman and Managing Director Prakash P Mallya (in the picture) said the bank aims to have a total business of Rs 76,000 crore comprising total deposits of 45,000 crore and advances of Rs 31,000 crore at the end of current financial year.

Total deposits for the nine months ended December 31, 2007, grew by 30.92 per  to Rs 43,527 crore from Rs 33,245 crore in the same period last year. Gross advances increased by 35.46 per cent to Rs 28,080 crore for the nine months ended December 31, 2007 from Rs 20,730 crore in the same period previous fiscal.

Net profit for the nine months ended December 31, 2007, grew by 28.32 per cent at Rs 343.48 crore as against Rs 267.69 crore for the same period in the previous fiscal.