Private sector lender ING Vysya Bank today posted 39.52 per cent rise in net profit to Rs 127.4 crore in the March quarter on the back of higher core earnings.
Net profit stood at Rs 91.30 crore in the same period last fiscal. Total income rose by 32.81 per cent to Rs 1,258.30 crore compared to Rs 947.42 crore in the same period last year.
"Despite a difficult economic environment, we have witnessed a sound growth in our overall business during the last financial year," bank's chief financial officer Jayant Mehrotra said in a conference call.
Net interest income (NII) rose 19 per cent to Rs 319.2 crore during the quarter while net interest margin (NIM) was steady at 3.29 per cent.
“Though it is difficult to give a NIM outlook for 2012/13, we are hopeful of maintaining the current margin level," Mehrotra said.
The Bangalore-based private sector lender has also seen a sound growth in advances and deposits in 2011/12. While its gross advances grew by 22 per cent to Rs 29,247 crore, deposits were up 17 per cent to Rs 35,195 crore by the end of March, 2012.
On the non-performing asset front, net NPA improved to 0.18 per cent from 0.39 per cent and gross NPA improved to 1.92 per cent from 2.30 per cent during the fourth quarter.
Incidentally, Current Account, Savings Account (CASA) ratio stood at 34.2 per cent. For the whole financial year, net profit grew 43 per cent to Rs 456.3 crore and net interest income grew by 20 per cent to Rs 1,208.3 crore.
According to the bank, the net interest margin rose to 3.30 percent in FY12 from 3.25 percent reported in FY 11. On the capital adequacy front, the CAR stood at 14 percent by the end of fiscal compared to 12.94 percent reported in FY11.
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