Vijaya Bank Q1 net up 18.9% to Rs 132 crore

Lower provisioning and rise in net interest income behind rise in net profit

Vijaya Bank, the Bangalore-based public sector lender, on Monday reported 18.9% rise in net profit to Rs 132 crore for the first quarter ended June 30, 2013 compared to Rs 111 crore reported in the corresponding period last year.

The total income for the period went up by 16.3% to Rs 2,699 crore as against Rs 2,320 crore in the year ago period. The operating profit also recorded a rise of 27.4% to Rs 330 crore as compared to Rs 259 crore in the first quarter of last fiscal.

The rise in net profit was on account of a lower provisioning and rise in net interest income. The net interest income registered a marginal rise of 5.6% to Rs 481 crore compared to Rs 455 crore in the year ago quarter. The Bank has made a provisioning of Rs 89 crore as against Rs 130 crore in the year ago period, showing a decline of 31.5%.

The Bank's capital adequacy ratio under Basel-III stood at 10.58%. Its return on assets (annualised) remained flat at 0.48% compared to 0.46% in the year ago period.

The percentage of net non-performing assets (NPA) dipped to 1.45% in June quarter this year compared to 1.67% in June quarter last fiscal.