ING Vysya net up 16 per cent

Bangalore-based private sector lender ING Vysya Bank on Thursday reported a 16 per cent rise in net profit to Rs 60.6 crore for the third quarter ended December 2009 compared with the year-ago period. Its operating profit was up 37 per cent to Rs 145.8 crore.

Its net profit rise was helped by a 27 per cent jump in net interest income at Rs 219.4 crore. Its net interest margin improved to 3.4 per cent compared to 2.9 per cent for the quarter ended December 2008. This was achieved on the back of an improvement in the cost of deposits, which improved to 5 per cent in the current quarter from 7.5 per cent for the quarter ended December 2008 and 5.5 per cent for the quarter ended September 30, 2009.

Total income increased to Rs 349.7 crore from Rs 321.8 crore in the corresponding quarter of the previous year. Operating cost came down to Rs 204 crore from Rs 215.3 crore reported in the corresponding quarter of the previous year.

Managing Director Shailendra Bhandari said, “We continued our focus on expanding our national footprint, increasing our customer base and acquiring low-cost deposits with customer-centric products and services. This quarter, we started to see some increase in credit off-take.”