Bangalore, Oct 24: A 175% rise in provisions and contingencies notwithstanding, Bangalore-based Vijaya Bank has reported a year-on-year 154% rise in its net profit for the second quarter ended September 30, ‘03. Net profit was Rs 95.9 crore against Rs 37.7 crore. The rise in net profit came about due to a 37.3% rise in total income at Rs 631.7 crore against Rs 460 crore in the corresponding period last year. Interest/discount on advances and bills rose by 16% to touch Rs 472.2 crore (Rs 407 crore). Other income rose to Rs 159.5 crore against Rs 52.9 crore.
For the six-month period ended September 30, ‘03, Vijaya Bank had a total income of Rs 1234.4 crore up 33.7% against Rs 923.4 crore. Operating profit rose year-on-year in H1 to touch Rs 431.8 crore (Rs 155.6 crore). Net profit was Rs 176.8 crore (Rs 78.5 crore). The total deposits as of September,’03 were Rs 18,346 crore, representing a growth of 19.8%.

Savings bank deposits rose by 25% to touch Rs 3,952 crore (Rs 3,163 crore). Gross credit rose by 45.8% reaching Rs 9,639.4 crore (Rs 6,611.9 crore). The gross non-performing assets (NPAs) declined steeply falling from 9.2% in H1 of FY03 to 3.9% in the current H1. Net NPAs fell below 1.5% at 1.5% (5.2%). Bureau Report