Vijaya Bank net profit jumps three-fold to Rs 204 cr in Q4
BENGALURU:
State-owned Vijaya Bank on Tuesday reported a nearly three-fold jump in net profit to Rs 204 crore, riding high on an increased retail and housing loans for the fourth quarter ended March 31. A 0.5 per cent efficient net interest margin was also a contributory factor for the jump, Vijaya Bank CEO and Managing Director Dr Kishore Sansi told here. The bank had posted a net profit of Rs 71.31 crore in the January-March quarter of 2015-16 fiscal, Sansi added. Total income of the bank rose to Rs 3,504.73 crore in the January-March quarter as against Rs 3,228.48 crore in the year-ago period, he said. Its net NPAs also eased to 4.35 per cent as against 4. 81 per cent at the end of March 2016, he added. Replying to a query. The net profit of the bank increased by 96.56 per cent to all-time high of Rs 750.48 crore and operating profit at Rs 2,421.15 crore, up by 56.32 per cent from Rs 1,548.87 crore.The net interest margin up by 50 bps stood at 2.77 per cent for Q4 increased by 90 bps to 3.10 per cent, Sansi said. For the entire 2016-17 fiscal, the bank's net profit nearly doubled to Rs 750.45 crore as compared to Rs 381.80 crore in the previous fiscal, he added. The total income also rose to Rs 14,030.72 crore during the fiscal from Rs 12,957.44 crore in 2015-l6, Sansi said. He further said the bank is well capitalised in Tier-1 at 9.4 per cent, but plans to further shore up its capital.