NII helps ING Vysya profit rise

The bank's net profit up by 34% in Q4 to Rs 170.3 cr

ING Vysya Bank has reported a 33.7 per cent rise in net profit at Rs 170 crore for the fourth quarter of 2012-13, ended March 31, compared with Rs 127 crore in the corresponding quarter the year before.

The rise in net profit was aided by a 33 per cent jump in net interest income in the March quarter to Rs 424 crore, compared with Rs 319 crore in the corresponding quarter of the previous year.

The net interest margin increased 44 basis points to touch 3.73 per cent during the quarter. The Casa (current and savings accounts) ratio (to the total) was 32.5 per cent and the core Casa ratio was at 31 per cent.

This was the 14th sequential quarter of growth for the private bank, headquartered in this city. Total income for the quarter went up 15.6 per cent to Rs 1,454 crore as against Rs 1,258 crore in the corresponding quarter a year before.  Operating profit grew 29 per cent to Rs 284 crore as against Rs 220 crore in the year-ago period.

The cost to income ratio improved to 54.4 per cent from 57.3 per cent a year before.

Asset quality continued to be robust. The gross non-performing assets (NPA) ratio and net NPA ratio was 1.76 per cent and 0.03 per cent, respectively, as on March 31, compared to 1.92 per cent and 0.18 per cent, respectively, on March 31, 2012.

The provision coverage ratio as on March 31 was 98.4 per cent as against 90.7 per cent a year before. The board of directors has proposed a dividend of 55 per cent for the year.

The return on assets (annualised) improved to 1.34 per cent in the March quarter as against 1.15 per cent in the year-ago quarter last year.