Vijaya Bank Q2 net profits dip by 24%

Vijaya Bank has reported a dip of 24.10% in its net profit at Rs 79.88 cr in the quarter ended by September 30, 2008 as against Rs 105.25 cr in the corresponding quarter last fiscal.      

However, the bank bounced back in comparison to its performance in quarter one of this fiscal when it had reported a net loss of Rs 76.64 cr.

"The bank has wiped out the loss incurred in the first quarter. The bank driven by 37.20% growth in net interest income has bounced back this quarter", Albert Tauro, Chairman and Managing Director of the Bank told reporters.      

The bank saw its total income up by 34% to Rs 1409.25 cr in the quarter from Rs 1051.26 cr in the year-ago period.

Net Interest Income rose from Rs 196 cr in second quarter of last fiscal to Rs 269 cr for the corresponding quarter this fiscal. Net Interest Margin touched 2.07%.
      
Operating profit for the quarter was Rs 150.50 cr compared to Rs 144.55 cr for the correspondign quarter last fiscal.