ING Vysya's H1 advances up 9%

Customer assets (including advances) grew 14.2% to Rs 34,971 cr at the end of Sept 2013

ING Vysya Bank reported a 9.1 per cent growth in gross advances to Rs 33,379.2 crore for the first six months of fiscal-ended September 2013 compared with Rs 30,582.3 crore during the corresponding period last year.

Customer assets (including advances) grew 14.2 per cent to Rs 34,971 crore at the end of September 2013 from Rs 30,630 crore last year. The growth in customer assets is notwithstanding the repayment during the quarter in one large telecom account amounting to around Rs 2,150 crore.

Total deposits grew 10.7 per cent to Rs 40,030.1 crore as of September 2013 from Rs 36,169.4 crore a year ago.

The bank announced a net profit of Rs 351.4 crore in the first six months, a growth of 25.4 per cent as against Rs 280.3 crore reported in the corresponding period of the previous year.

Savings bank deposits grew 11.2 per cent to Rs 6,119.8 crore from Rs 5,501.2 crore in the year ago period.

The current account deposits have grown 8.3 per cent to Rs 6,892.4 crore as against Rs 6,365.5 crore in the year-ago period.

Demand deposits recorded a growth of 9.7 per cent to Rs 13,012.2 crore compared with Rs 11,866.7 crore in the first six months of previous fiscal.

The CASA percentage of the bank marginally declined to 32.5 per cent from 32.8 per cent a year ago.

The term deposits grew 11.2 per cent to Rs 27,017.9 crore as against Rs 24,302.7 crore.

Commenting on the results, managing director Shailendra Bhandari said: "It has been an extremely challenging quarter, with significant volatility in both the interest and currency markets. In this context, we have been able to deliver on our core parameters."

"While we have seen margin pressures in the current quarter, we continue to be on track to more than match the full year NIM of 3.52 per cent achieved last year," he said.

Bhandari added, "We have continued to improve our operating leverage and H1 cost income ratio improved to 53.4 per cent from 57.7 per cent in the same period of previous year and our asset quality continues to remain robust."