ING Vysya Bank has rallied 7% to Rs 334 after reporting an impressive 53% year-on-year growth in net profit to Rs 115 crore for the quarter ending September 2011 on the back of higher net interest income (NII) and lower provisioning. The private sector bank had reported net income of Rs 75.26 crore in the corresponding quarter last fiscal.
Total income of the bank rose by 32% to Rs 1,096 crore against Rs 832 crore reported in the year-ago period, while NII increased by 19% to Rs 304 crore from Rs 254 crore in the reporting quarter. Net interest margin (NIM) stood at 3.35%.
The stock opened at Rs 316 and hit a high of Rs 341 on the National Stock Exchange. As many as a combined 341,847 shares have changed hands on the counter till 1011 hours, against an average less than 100,000 shares traded daily in the past two weeks.
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