ING Vysya FY11 net up 32 pc to Rs 318.7 crore

ING Vysya FY11 net up 32 pc to Rs 318.7 crore

During the year, the net interest income rose by 21 per cent to Rs 1,006.5 crore from Rs 829,8 crore, while NIM (net interest margin) was up from 3.21 per cent to 3.25 per cent, a bank statement announcing its audited financial results for the year 2010-11 said.
The total deposits rose to Rs 30,194 crore at the end of FY11 compared to Rs 25,865 crore during the previous fiscal.

Gross advances grew by 28 per cent, much higher compared to public sector banks, to touch Rs 24,060 crore from the earlier figure of Rs 18,832 crore.

The credit deposit ratio stood at 78.2 per cent against 71.6 per cent during previous period.

The bank, in the statement said, during the fourth quarter the net profit was up 34 per cent and the board recommended a dividend of 30 per cent.

During the fourth quarter Net Profit was up 34 per cent to Rs 91.3 crore (after considering impact of approximately Rs 36 crore towards second pension and enhancement of gratuity limits).

The net NPA for the whole fiscal improved from 1.20 per cent to 0.39 per cent.
Commenting on the results, Managing Director, Shailendra Bhandari said, "We have had a great year, where we have achieved our targets of high quality and faster than market growth. We have grown advances at 28 per cent and CASA at 24 per cent.

"I am also pleased to state we have now crossed 500 branches and as of March 2011 have 510 branches. The balance sheet quality continues to improve dramatically, with net NPA of 0.39 per cent, which is less than one third of the previous year. Our provision cover of 83 per cent is perhaps the best in the industry," he said.

During the last quarter the bank expanded its network, with 19 new branches and 23 ATMs. As of March 2011, the Bank had 510 branches, 28 satellite offices and 400 ATMs.

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