Vijaya Bank's scrip surged nearly 11 per cent today after it reported 34.1 per cent increase in net profit in the second quarter of the current fiscal.
The stock zoomed 10.67 per cent to end at Rs 44.60 on BSE. During the day, it jumped 15.63 per cent to Rs 46.60 -- its 52-week high.
On NSE, shares of the company soared 10.64 per cent to close the day at Rs 44.70.
On the volume front, 11.17 lakh shares of the company were traded on BSE and over 89 lakh shares changed hands on NSE during the day.
State-owned Vijaya Bank reported 34.1 per cent increase in net profit to Rs 154.55 crore in the second quarter of the current fiscal despite higher provisioning for bad loans.
The bank's net profit in the July-September quarter of 2015-16 was Rs 115.29 crore.
Total income rose to Rs 3,516.57 crore during the second quarter of 2016-17 as against Rs 3,202.89 crore from the same period a year ago, Vijaya Bank said in a regulatory filing.
Provisions for bad loans and contingencies were increased by the bank to Rs 389.82 crore for the quarter under review, 42.5 per cent higher than Rs 273.47 crore in the same period a year ago.
Asset quality of the bank slipped as gross non-performing assets (NPAs) or the bad loans rose to 7.07 per cent of the gross advances as of September 2016, as against 3.98 per cent a year earlier.
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