Vijaya Bank clocks record net of Rs 750 cr

 In a major achievement, public sector Vijaya Bank clocked a record profit of Rs 750.48 crore for fiscal year (FY) 2016-17, up 97% from Rs 381.80 crore.

Total business of the bank also reached an all-time high level of Rs 2,29,833 crore,
while the advances stood at Rs 96,821 crore, and deposits at Rs 1,33,012 crore. Retail advances of the bank increased by 24.33% to Rs 29,335 crore, and constituted 30.29% of gross loan portfolio.

Net Interest Income of the bank for the year increased to Rs 3,506.44 crore, against Rs 2,760.83 crore, up by 27.01%, while the operating profit increased to Rs 2,421.15 crore from Rs 1,548.87 crore, up by 56.32%.

On the quarterly basis, the net profit showed an increase of 186% to Rs 203.99 crore for the quarter ended March 31, 2017, from Rs 71.31 crore in the corresponding quarter last year. Net Interest Income of the bank for the quarter increased to Rs 989.49 crore.

Provision Coverage Ratio (PCR) improved from 50.08% to 58.15%, while Capital Adequacy Ratio (CAR) of the bank, according to Basel III norms, stood at 12.73% .

In commercial lending, the bank has maximum exposure to the infrastructure sector, with 21.99% of gross credit lend out to the sector, followed by real estate (16.90%), and non-banking financial companies (9.64%).

Gross NPAs of the bank showed a steady decline in percentage terms, while there has been a marginal increase in absolute numbers. In percentage terms, the bank’s Gross NPAs declined to 6.59%, from 6.64% a year ago.

Vijaya Bank’s scrip on Tuesday gained over 4% after the company reported a nearly three-fold jump in net profit for the fourth quarter ended March 31. The stock rose by 4.36% to end at Rs 92.25 on the BSE.