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ING Vysya net up on interest income

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Bangalore-based private sector lender Ltd on Tuesday reported a 38.4 per cent rise in to Rs130.1 crore for the quarter ended June 30, compared with Rs94 crore reported in the corresponding quarter last year.

The rise in net profit was aided by a 31 per cent rise in net interest income to Rs343.3 crore. The net interest margin rose to 3.29 per cent, compared with 3.02 per cent last year.

Total income went up 27.8 per cent to Rs514.2 crore as compared with Rs402.5 crore reported in the same period last year.

The bank has also shown an impressive growth of 48.1 per cent in operating profit for the quarter at Rs217.5 crore as against Rs146.8 crore in the same quarter last year.

Asset quality continued to be robust with gross non-performing asset (NPA) ratio and net NPA ratio at 1.97 per cent and 0.19 per cent, respectively as on June 30 compared with 2.15 per cent and 0.35 per cent, respectively as on June 30, 2011. During the quarter, there were no additions to restructured assets.

The (CAR) of the bank as on June 30 was 13.35 per cent (according to Basel-II).

Commenting on the results, Shailendra Bhandari, managing director, said: “We have started the year on a strong note, advance growth is at 22.9 per cent and deposits at 14.6 per cent. NIM’s are substantially higher at 3.29 per cent over the corresponding quarter of the previous year and our cost income ratio has improved to 57.7 per cent from 63.5 per cent resulting in a significant increase in operating profit growth of 48.1 per cent.”

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