Financial Daily from THE HINDU group of publications
Friday, Jan 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 23, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Vijaya Bank Q3 net up despite lower income Our Bureau
Bangalore , Jan. 22 VIJAYA Bank has reported a net profit of Rs 110 crore for the third quarter of this fiscal, up from Rs 95.89 crore in the second quarter. The improved net profit comes despite the reduced earnings; total income of the bank fell to Rs 627.30 crore in Q3 from Rs 631.67 crore. The drop was mainly due to fall in other income, which fell from Rs 159.52 crore in Q2 to Rs 111.15 crore in Q3. Other income mainly consists of fee based incomes and trading profits. The bank has, however, managed to reduce expenditure during the period; total expenditure was pushed down to Rs 395.72 crore (Rs 415.35 crore). The drop was mainly driven by the reduction in interest and operating expenditure. Interest expenditure was down to Rs 280.55 crore (Rs 282.34 crore). Operating expenditure was down from Rs 133 crore (Rs 115.17 crore). The reduction in expenditure was driven by the fall in interest rates for the entire banking sector during the last one year. Besides, banks have also managed to slash overhead expenditure. Operating profits in Q3 was Rs 231.61 crore (Rs 216.32 crore).
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