New Delhi: ING Vysya Bank on Tuesday posted a marginal 2.2 per cent increase in net profit at Rs 180.1 crore for the quarter ended September 2014.
The private sector lender had registered a net profit of Rs 176.3 crore for the corresponding period a year ago.
The bank also informed that its managing director and CEO Shailendra Bhandari has resigned.
"...has informed BSE that Shailendra Bhandari, MD & CEO has submitted his resignation and the Board of Directors, at its meeting held October 28,2014 has approved his letter of resignation. Bhandari will continue to be in the office till January 31, 2015," it said.
Deputy CEO and wholesale banking head Uday Sareen has been appointed as the new MD and CEO.
Total income increased 16.1 per cent to Rs 725.5 crore in the quarter under review from Rs 625 crore in the corresponding period a year ago.
Net Interest Income (NII) for the quarter increased 12.8 per cent to Rs 496.9 crore from Rs 440.3 crore a year ago.
Net interest margin (NIM) was at 3.54 per cent as against to 3.46 per cent in the same quarter last year.
"Provisions and contingencies were higher at Rs 49.7 crore from Rs 18.1 crore in the corresponding quarter of the previous year," it said.
Gross NPAs (non-performing assets) and net NPAs improved to 1.59 per cent and 0.42 per cent respectively as of 30 September 2014, from 2.39 per cent and 0.87 per cent respectively as of 30 June 2014.
Shares in ING Vysya Bank, on Tuesday, ended at Rs 641.40 apiece on the BSE, up 0.3 per cent from the previous close.
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