ING Vysya Bank net jumps 60%

ING Vysya Bank reported a 60 per cent increase in net profit to Rs 40.63 crore for the first quarter of this financial year compared to the corresponding period last year, driven by strong growth in both retail and wholesale segments, The Bangalore-based private bank, in which ING Group is a major shareholder, saw its profit before tax increasing by 53 per cent to Rs 63.23 crore.

The net interest income (NII) increased by 52 per cent to Rs 157.97 crore in the quarter ended June 2008 from Rs 103.84 crore in the previous year’s quarter. The fee and other income (excluding exceptional items) registered a growth of 49 per cent to Rs 127.88 crore from Rs 85.83 crore.

 

The bank’s provisions and contingencies rose from Rs 15.89 crore to Rs 41.43 crore due to higher risk costs and fall in the investment portfolio.

The net worth of the bank stood at Rs.1,467 crore and the capital adequacy ratio stood at 10.38 per cent as on June 30.