Vijaya Bank net up 41 percent in Q3

State-run Vijaya Bank on Friday reported net profit of Rs.53 crore for third quarter of 2015-16, registering 43 percent annual growth from Rs.37 crore posted in same period a year ago.

The city-based bank's operating profit grew 26 percent to Rs.443 crore in the quarter under review from Rs.351 crore in the like period year ago.

Vijay Bank's provision coverage ratio stood at 58.07 percent while gross Non Performing Assets (NPA) ratio was 4.32 percent amounting to Rs.3,871 crore and Net NPA ratio was 2.98 percent amounting to Rs.2,635 crore at the end of Q3 2015-16.

The bank's advances increased to Rs.89,696 crore against Rs.79,136 crore, with priority sector portfolio advances rising to Rs.34,955 crore, direct agriculture to Rs.12,859 crore and total retail advances to Rs.22,204 crore.

Advances to weaker section rose to by 34.84 percent and to women beneficiaries by 26.67 percent.

The bank earned an interest of Rs.3,028 crore in the quarter under review compared to Rs.3,033 crore earned in the year ago quarter.

Total business at the end of Q3 grew by 5.90 percent to Rs.2,15,171 crore from Rs.2,03,187 crore while deposits saw a growth of 1.1 percent from Rs.1,24,051 crore to Rs.1,25,475 crore.

Net Interest Income (NII) in Q3 rose by 32.97 percent from Rs.555 crore to Rs.738 crore while Net Interest Margin (NIM) improved to 2.44 percent from 1.88 percent.