ING Vysya net up 36% at Rs 94 crore

Private sector lender ING Vysya Bank posted a 36 per cent rise in its net profit at Rs 94 crore in the first quarter of the current financial year, owing to sound growth in fee-based income and a in provisioning, compared to the first quarter of the last financial year.

The bank’s total income rose 11 per cent to Rs 402.5 crore during the April-June period, compared with Rs 362.4 crore in the year-ago period.

However, operating profit fell 1.2 per cent to Rs 146.8 crore due to a 20 per cent rise in operating cost during the period. The bank’s net interest income rose 10 per cent to Rs 262 crore, while net interest margin (NIM) stood at 3.02 per cent.

 

“Our growth in profits has been equally driven by interest income and fee income,” said Managing Director Shailendra Bhandari.