Financial Daily from THE HINDU group of publications
Tuesday, Jul 26, 2005
Money & Banking
Corporate Results - Public Sector Banks
Vijaya Bank Q1 net down 72 pc
Bangalore , July 25
VIJAYA Bank has reported net profit of Rs 27.56 crore for the first quarter ended June, a 71.74 per cent dip from Rs 97.6 crore in the corresponding previous period.
During the quarter, it clocked operating profits of Rs 202.32 crore. The focus during 2005-06 would be on lending to the agricultural and SME sectors to the extent of 30 per cent and increased financing to SHGs, along with increased investment in technology upgradation, according to the bank.
Total income improved over 7.7 per cent to Rs 657.78 crore during the quarter from Rs 610.5 crore earlier.
Net interest income improved to Rs 237.21 crore (Rs 233.72 crore) while interest income from advances stood at Rs 314.09 crore (Rs 271.90 crore).
Gross NPAs were at Rs 413.11 crore (Rs 417.15 crore) and the gross NPA ratio was 2.94 per cent (3.57 per cent).
Net NPAs amounted to Rs 133.66 crore and the net NPA ratio to 0.97 per cent.
The bank's total business was Rs 39,029 crore against Rs 33,251 crore earlier.
Total deposits grew 15.94 per cent to Rs 25,001 crore while gross advances stood at Rs 14,028 crore, a 20 per cent rise over the corresponding previous period.
The bank plans to operationalise the call centre at Bangalore as well as implement enterprise-wide integrated risk management system.
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