Vijaya Bank net up 20% in Q2

Bengaluru, Oct 27 (IANS) State-run Vijaya Bank has reported net profit of Rs 186 crore for the second quarter (Q2) of fiscal 2017-18, registering 20 per cent annual growth from Rs 155 crore in the same period year ago.

Sequentially, however, net profit declined 27 per cent from Rs 255 crore posted in the first quarter.

In a regulatory filing on the BSE on Thursday, the city-based bank said total income for the quarter under review (Q2) at Rs 447 crore was up 15 per cent from Rs 388 crore in the like period year ago.

Sequentially, total income declined 12 per cent from Rs 505 crore quarter ago.

"Operating profit increased 29 per cent yearly to Rs 734 crore in Q2 from Rs 571 crore in the same period year ago, but declined 2.5 per cent from Rs 753 crore quarter ago," said the filing.

Provisions excluding tax went up 17 per cent annually to Rs 458 crore in Q2 from Rs 390 crore in like period year ago and 8.3 per cent sequentially from Rs 423 crore quarter ago.

"Provision for Non-Performing Assets (NPA) shot up 38 per cent annually to Rs 450 crore in Q2 from Rs 326 crore year ago and 9.5 per cent sequentially from Rs 411 crore quarter ago," added the filing.

Gross NPA increased 2.4 per cent annually to Rs 6,647 crore in Q2 from Rs 6,491 crore year ago but declined 2.4 per cent sequentially from Rs 6,812 crore quarter ago.

Net NPA, however, declined 2.5 per cent annually to Rs 4,473 crore in Q2 from Rs 4,587 crore year ago and 6.5 per cent sequentially from Rs 4,784 crore quarter ago.

Gross NPA ratio dipped marginally to 7.06 from 7.07 year ago and 7.30 quarter ago, while net NPA declined to 4.86 from 5.1 year ago and 5.24 quarter ago.

"Net Interest Income went up 22 per cent to Rs 1,008 crore, while Net Interest Margin (NIM) improved 43 basis points to 3.04 per cent," said the bank in a statement here later.

"The bank raised equity capital of Rs 700 crore through Qualified Institutional Placement (QIP) during the quarter," added the statement.