Vijaya Bank Q4 net up 1.6% to Rs 2.07 bn, FY18 profit down to Rs 7.27 bn

Total income during the quarter grew to Rs 37.2 bn as against Rs 35.04 bn in the year- ago period

Vijaya Bank today reported a rise of 1.6 per cent in net profit at Rs 2.07 bn for March quarter, 2017-18.

The public sector bank had registered a net profit of Rs 2.03 bn in the January-March quarter of 2016-17.

Total income during the quarter grew to Rs 37.28 bn as against Rs 35.04 bn in the year- ago period, the bank said in a regulatory filing.

Provisioning for bad loans for the quarter was higher at Rs 5.52 bn as against Rs 3.44 bn in March quarter of 2016-17.

For entire 2017-18, the net profit of the lender however came down to Rs 7.27 bn from Rs 7.50 bn.

Income during the year was slightly up at Rs 1.41 bn from Rs 140.30 bn in 2016-17.

Asset wise, bank's gross non-performing assets (NPAs) reduced to 6.34 per cent of the gross loans at the end of March 2018 from 6.59 per cent as on March end-2017.

In value terms, gross NPAs stood at Rs 75.26 bn by the end of 2017-18 as compared to Rs 63.81 bn earlier.

Net NPAs were also trimmed to 4.32 per cent of the net loans (Rs 50.21 bn) from 4.36 per cent (Rs 41.18 bn).

The provision coverage ratio as on March 31, 2018 works out to 59.39 per cent (previous year 58.15 per cent), the bank said.

The board of directors has recommended dividend of Rs 1.20 per share at 12 per cent for 2017-18, it said.

Stock of Vijaya Bank traded at Rs 61 on BSE, up 1.92 per cent from the previous close.