ING Vysya Sep qtr net up 41% at Rs 75 cr

ING Vysya Bank has recorded a 41 per cent jump in its net profit for the September quarter at Rs 75.3 crore on the back of a healthy rise in net interest income.

The Bangalore-based bank's net profit for the July-September period last year stood at Rs 53.5-crore.

The net interest income of the bank went up by 33 per cent to Rs 254.2 crore while total income stood at Rs 832.05 crore, according to a release issued by the bank.

The net interest margin percentage of the bank also improved to 3.34 per cent as compared to 3.09 per cent.

The cheap CASA (current and savings account) deposits ratio improved to 35.9 per cent against the last year's 32.7 per cent, it said.

Net non-performing assets were down more than half to to 0.81 per cent as against 1.78 per cent in the year-ago period.

Complying with Reserve Bank's instructions, the bank also increased its provision cover to 72.8 per cent, up from 39.8 per cent in September 2009.

"We have seen a significant momentum in advances and CASA while simultaneously improving the asset quality, in particular the Provision Coverage Ratio," the bank's Managing Director Shailendra Bhandari said.