Vijaya Bank net profit dips 44 per cent in Q1

State-run Vijaya Bank on Monday reported a Rs 144 crore consolidated net profit for the first quarter (Q1) of fiscal 2018-19, posting a 44 per cent annual decline from Rs 255 crore in the same period a year ago.

Sequentially too, net profit slipped 30 per cent from Rs 207 crore a quarter ago.

"Consolidated income for the quarter (Q1) under review, however, grew 11 per cent annually to Rs 3,936 crore from Rs 3,550 crore a year ago and 5.6 per cent sequentially from Rs 3,728 crore a quarter ago," said the city-based bank in a regulatory filing on the BSE.

Total income includes interest earned/discounted on advances and bills and investments on balance with the RBI and other bank funds.

The bank's operating profit grew 13 per cent annually to Rs 852 crore from Rs 753 crore a year ago but remained flat (0.9 per cent) sequentially from Rs 844 crore a quarter ago.

"Provisions shot up 56 per cent annually to Rs 659 crore during the quarter from Rs 423 crore a year ago and 19 per cent sequentially from Rs 556 crore a quarter ago," noted the filing.

Provisions for non-performing assets (NPAs) also went up 33 per cent annually to Rs 548 crore from Rs 411 crore a year ago but remained flat (-0.9 per cent) sequentially from Rs 553 crore a quarter ago.

Gross NPAs went up 11 per cent annually to Rs 7,579 crore from Rs 6,812 crore a year ago but remained flat (0.7 per cent) sequentially from Rs 7,526 crore a quarter ago.

Similarly, net NPA increased 2.5 per cent annually to Rs 4,904 crore from Rs 4,784 crore but declined 2.3 per cent sequentially from Rs 5,021 crore a quarter ago.

The bank's scrip of Rs 10 face value gained a marginal Rs 2.20 per share to close at Rs 52.05 at the end of Monday's trading on the BSE after opening at Rs 50.90 as against Friday's closing price of Rs 49.85.

--IANS

fb/mag/bg