ING Vysya Q1 net up 48% at Rs 60 cr

ING Vysya Bank, the Bangalore-based private sector lender, today reported a rise of 48 per cent in its net profit at Rs 60.3 crore for the first quarter ended June 30, 2009 as compared to the corresponding quarter last year. The operating profit for the quarter rose by 35.8 per cent to Rs 142.19 crore compared to the same period a year ago.

The total income of the bank during the quarter went up by 22.5 per cent to Rs 742.86 crore compared to the same quarter last year.

The rise in profits was aided by encouraging growth in net interest income and higher treasury income during the quarter. The net interest income increased by 9 per cent to Rs 171.9 crore in the quarter as against the June quarter last year. The bank continued to be conservative and carried surplus liquidity which impacted the NII for the quarter. Fee and other income increased by 25 per cent to Rs 159.7 crore as compared to the corresponding quarter of the previous year.

Provisions and contingencies for the quarter were Rs.48.7 crore as against Rs 41.4 crore in the corresponding quarter of the previous year.

Its return on assets also improved to 0.81 per cent from 0.66 per cent a year ago. The earnings per share for the quarter rose to Rs 5.87 from Rs 3.96 a year ago.

The gross NPA ratio and net NPA ratio were at 2.02 per cent and 1.27 per cent, respectively as on June 30, 2009 compared to 1.57 per cent and 0.84 per cent, respectively as on June 30, 2008.

The capital adequacy ratio (CAR) of the bank has improved to 12.24 per cent compared to 10.38 per cent in the same period a year ago as per Basel-I. The CAR as per Basel II guidelines stands at 12.55 per cent.