ING Vysya Bank Q3 net up marginally by 3% to Rs 167 crore

Total income of the Bank stood at Rs 1,488 crore, showing a growth of 4%

Bangalore-based private sector lender ING Vysya Bank today reported a marginal rise of 3% rise in net profit at Rs 167.34 crore for the third quarter ended December 31, 2013 compared to Rs 162.33 crore reported in the corresponding quarter last year.

The total income of the Bank stood at Rs 1,487.85 crore, showing a growth of 4.37% over Rs 1,425.46 crore reported in the same quarter last fiscal.

The operating profit recorded a marginal growth of 4.17% to Rs 274.28 crore compared to Rs 263.28 crore in the same period last year.

The net interest margin at 3.35% was lower than 3.55% a year ago after adjusting for interest reversal on restructured accounts. Adjusting for the interest reversal, net interest income for the quarter increased to Rs. 441.8 crores from Rs. 402.9 crores in the corresponding quarter of the previous year

The return on assets declined marginally to 1.22% in the December 2013 from 1.30% in the same period last year. The percentage of net non-performing advances increased to 0.21% from 0.05% a year ago.

The capital adequacy ratio went up to 16.93% in December 2013 from 12.47% a year ago.

Commenting on the performance, Shailendra Bhandari, Managing Director, ING Vysya Bank said: “The macroeconomic environment continued to be challenging and we were impacted by the restructuring of a few CDR accounts.”