Vijaya Bank Q4 net falls 26%

Vijaya Bank Q4 net falls 26%

Vijaya Bank, the city-based public sector bank, on Thursday reported a 26% decline in net profit to Rs 71.31 crore for the 4th quarter ending fiscal 2016, compared with Rs 96.80 crore in the same period last fiscal.

The bank’s total income declined 2.64% to Rs 3,228.48 crore in Q4, compared  with Rs 3,237.02 same period last fiscal. The total income also declined to Rs 12,957.44 crore during the fiscal, from Rs 13,152.49 crore in 2014-l5.

Total business of the bank as of March 31, 2016 increased to Rs 2,16,206 crore from Rs 2,14,035 crore in the same period last year.

Interacting with the media, Vijaya Bank Chairman and Managing Director Kishore Kumar Sansi said the business will increase because the worst sitation is over by the fiscal 2016. “Financial parameters across the country are improving and we do hope there will be better business opportunities for the bank,” he said.

Sansi also made it clear that the improvement in the business will help the bank to clear the balance sheet by the end of fiscal 2017. “We have already crossed the priority sector lending by 40% against the RBI stipulation,” he said.

The bank stated its gross NPAs as a percentage of total advances rose to 6.64% from 2.78% in the same quarter a year ago. Its net NPAs also increased to 4.81% against 1.92% at the end of March 2015.