Vijaya Bank zooms 20% on strong Q3 results

The stock locked in upper circuit of 20% at Rs 64, also its 52-week high on the BSE

Vijaya Bank has locked in upper circuit of 20% at Rs 64, also its 52-week high on the BSE, after reported an over four-fold jump in net profit at Rs 230 crore for the quarter ended December 2016 (Q3FY17), due to higher other income. The state-owned bank had profit of Rs 53 crore in the same quarter year ago.

Net interest income (interest earned minus interest expended) increased by 22.7% at Rs 906 crore during quarter under review against Rs 738 crore in the corresponding quarter of previous fiscal. Other income jumped nearly three-fold to Rs 577 crore from Rs 209 crore over the previous year.

The bank’s assets quality improved on sequential basis with gross non-performing assets (NPAs) stood at 6.98% of gross advances, as on December 31, 2016 compared with 7.07% in the September 2016 quarter. The net NPAs stood at 4.74% against 5.10% in the preceding quarter.

Till 12:50 pm; a combined 10.49 million shares changed hands and there were pending buy orders for 1.8 million shares on the BSE and NSE. An average sub two million shares were traded daily in past two weeks on both the exchanges.