ING Vysya net profit up 71%

CORPORATE SCORECARD

A strong growth in fee-based income and advances portfolio helped ING Vysya Bank register a 71.20 per cent rise in net profit to Rs 25.32 crore for the first quarter ended June 30, 2007.

The bank's operating profit during the quarter went up by 86.36 per cent to Rs 57.25 crore, total income went up by 38.48 per cent to Rs 486.38 crore and net interest income increased by 11.07 per cent to Rs 136.61 crore compared with the same period last year.

During the quarter, the bank's return on assets on an annualised basis rose to 0.52 per cent from 0.35 per cent. Net non-performing assets declined to 0.84 per cent from 1.78 per cent in the same quarter last year.

However, because of the sharp rise in advances, the capital adequacy ratio declined marginally to 10.78 per cent, from 10.90 per cent in the first quarter of last fiscal.

The basic earnings per share improved to Rs 2.79 during the quarter from Rs 1.63 in the same period last year.