Vijaya Bank net up 11 percent in Q2

State-run Vijaya Bank posted net profit of Rs.136 crore for the second quarter (July-September) of this fiscal (2013-14), registering a modest 11 percent year-on-year (YoY) rise from Rs.123 crore in the same period last year.

Total income, however, rose 22 percent YoY to Rs.2,814 crore during the quarter under review (Q2) from Rs.2,302 crore in the like period a year ago.

Similarly, operating profit increased to 28 percent YoY to Rs.273 crore from Rs.214 crore.

"Higher provisions of Rs.132 crore (23 percent) against advances and outstanding loans as against Rs.107 crore in the same quarter year ago impacted our net profit and increased our net non-performing assets (NPAs) by 10 percent to Rs.1,232 crore from Rs.1,116 crore year ago," chairman H.S. Upendra Kamath told reporters here Monday.

Profit before tax was up 32 percent YoY to Rs.141 crore from Rs.107 crore a year ago.

Gross non-performing assets grew marginally 4.4 percent YoY to Rs.1,981 crore from Rs.1,897 crore but declined in terms of percentage. Gross NPAs to gross advances was 2.77 percent as against 3.17 percent year ago.

Sequentially, however, net NPA shot up 26 percent to Rs.1,232 crore from Rs.977 crore and gross NPA 20 percent to Rs.1,981 crore from Rs.1,645 crore registered in the first quarter (April-June) of this fiscal.

The percentage of net NPAs to net advances declined marginally to 1.8 percent from 1.9 percent year ago.