ING Vysya net up on interest income

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.”

image
Business Standard
177 22
Business Standard

ING Vysya net up on interest income

BS Reporter  |  Bangalore 



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.”

RECOMMENDED FOR YOU

ING Vysya net up on interest income

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

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.”

image
Business Standard
177 22
Widgets Magazine

More News

Widgets Magazine
Widgets Magazine
Advertisement

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard