Vijaya Bank Q2 net up 10.42% at Rs 136.22 cr
Bangalore: Vijaya Bank on Monday reported a 10.42 percent jump in net profit at Rs 136.22 crore for the second quarter ended September 30 this year.
The public sector bank had posted Rs 123.37 crore net profit for the July-September quarter of 2012-13.
"The bank is on growth trajectory and with the steps initiated and strategies adopted, is poised to post further improvement in performance," Vijaya Bank Chairman and Managing Director Upendra Kamath told reporters here.
The increase in the Net Interest Income (NII) for September, 2013 quarter by 29.33 percent year-on-year has improved the operating profit by 27.47 percent, from Rs 214.09 crore for September 2012 quarter to Rs 272.89 crore for September 2013 quarter, he said.
Bank's deposits have crossed Rs 1,00,000 crore mark and increased to Rs 1,07,936 crore as on September 30, 2013, up by 26.69 percent, Kamath said. Advances as on September 30, 2013 were at Rs 71,434 crore against Rs 59,803 crore as on September 30, 2012, up by 19.45 percent, he added.
The bank also crossed the milestone of Rs 1,75,000 crore business mix and clocked an all-time high business of Rs 1,79,370 crore, up by 24 percent year-on-year, he said.
Net profit for the first half of the current financial year improved to Rs 268.68 crore from Rs 234.73 crore for the corresponding period of the previous year registering a growth of 14.46 percent, he added.
On asset quality, the gross NPA ratio and net NPA ratio of the bank as on September 30, 2013 stood at 2.77 percent and 1.75 percent respectively against 3.17 percent and 1.90 percent respectively as of September 30, 2012, Kamath said.
The bank aims to reach a total business level of Rs 2 lakh crore by this December and Rs 2.10 lakh crore by March 2014, Kamath said.
The bank plans to open as many as 1,500 new branches and ATMs each by March 2014, he said. At the end of September 2013, 1001 ATMs were opened, he added.