JOIN USVijaya Bank, on Monday, announced a robust 233.71 per cent growth in its net profit at Rs 180.97 crore in the fourth quarter ended March 31, 2012 as against Rs 54.25 crore recorded in the previous fiscal.
Likewise, for the full fiscal ended March 31, 2012, the bank registered a 10.91 per cent growth in its net profit at Rs 580.99 crore as against Rs 523.82 crore clocked in the same period, the previous fiscal.
Briefing reporters, Chairman & Managing Director H S Upendra Kamath said that the rise in net profit during the quarter was due to lesser provisionings of Rs 51 crore made towards the retirees as against Rs 180 crore provided as the one time non-repetitive for second pension benefits in the previous quarter.
The bank’s total income for the fourth quarter went up by 30.7 per cent to Rs 2,290 crore as against Rs 1,752 crore reported in the same quarter last year. The bank’s operating profit during the quarter saw an increase of 139.61 per cent to Rs 263.48 crore as against Rs 109.96 crore reported in the same period of last year. The bank’s operating expenses during the quarter at Rs 1,659 crore saw a rise of 46.68 per cent against Rs 1,131 crore in the same period of previous fiscal.
The rise in net profit was on account of a marginal 3 per cent jump in net interest income, which stood at Rs 493 crore (Rs 478 crore previous) and lower provisions.
The bank made a provision of Rs 87 crore as against Rs 162 crore in the fourth quarter of last fiscal. During the quarter, the bank’s cost of deposits went up by 147 basis points from 6.38 per cent in the fourth quarter of last fiscal to 7.85 per cent for the quarter ended March 2012, while yield on advances increased to 11.93 per cent as against 10.48 per cent in the fourth quarter of last fiscal, he said.
The bank’s gross non-performing assets (NPA) ratio and net NPA ratio stood at 2.93 per cent and 1.72 per cent respectively. While the bank’s gross NPA was Rs 1,718.46 crore during the reporting fiscal as against Rs 1,259.19 crore previous, the bank’s net NPA stood at Rs 998 crore as against Rs 741 crore.
Vijaya Bank made a cash recovery of Rs 486 crore during the fiscal as against Rs 453 crore in the previous fiscal.