Vijaya Bank net profit drops 39.3% to Rs 123.37 crore in Q2

The total income for the period went up by 9.6 per cent to Rs 2,301.72 crore as against Rs 2,098.33 crore reported in the same period last year

Bangalore-based public sector lender Vijaya Bank on Monday reported 39.38% drop in net profit to Rs 123.37 crore for the second quarter ended September 2012 compared to Rs 203.53 crore reported in the corresponding quarter last year.

The total income for the period went up by 9.6% to Rs 2,301.72 crore as against Rs 2,098.33 crore reported in the same period last year.

The operating profit for the quarter declined 36.9% to Rs 214 crore as against Rs 339.48 crore in the year ago period.

The net interest income of the bank declined 12.3% to Rs 449.96 crore as against Rs 513.35 crore in the September quarter last year. The bank’s provisions and contingencies towards bad loans went up by 11.8% to Rs 106 crore as against Rs 95.6 crore in the same period last year.

The return on assets declined to 0.51% in September 2012 from 0.95% in the same period last year. The percentage of net non-performing assets went up to 1.90% from 1.42% in the year ago period. The capital adequacy ratio under Basel-II improved to 12.70% from 12.63% in the year ago period.