ING Vysya Bank net up 41% in Q2

Bangalore-based private sector lender, ING Vysya Bank Ltd, today reported 41 per cent rise in its net profit at Rs 75.3 crore for the second quarter ended September 30, 2010 compared to Rs 53.5 crore reported in the corresponding quarter of the previous year. The rise in profits was mainly on account of a sharp 33 per cent rise in net interest income at Rs 254.2 crore during the period compared to the same period last year.

This was achieved on the back of significant reduction in the cost of deposits to 4.85 per cent in the current quarter from 5.47 per cent in the year ago period. Other income was up by 27 per cent at Rs 193.3 crore, which included one off investment gains. Total income increased by 30 per cent to Rs 447.5 crore from Rs 343 crore in the corresponding quarter of previous year.