ING Vysya Bank profits for the third quarter of this fiscal are up 3.08 per cent at ₹167.34 crore, from ₹162.33 crore in the corresponding period last year.
Total incomeTotal income of the bank is marginally up 4.37 per cent at ₹1,487.85 crore from ₹1,425.46 crore. EPS (basic) of the bank stood at ₹8.90 (₹10.66 last fiscal).
Commenting on bank’s performance, Managing Director Shailendra Bhandari said: “The macroeconomic environment continued to be challenging and we were impacted by the restructuring of a few CDR accounts. Adjusting for the reversal in interest income, operating profit increased by 13.9 per cent over corresponding quarter of the previous year, and cost to income ratio improved to 54.3 per cent from 55.3 per cent.”
Provisions and contingencies of the bank decreased marginally to ₹23 crore from ₹24.6 crore in the corresponding quarter of the previous year.
Amount of gross NPA (before technical write off ₹582.69 crore and amount of net NPA stood at ₹73.13 crore.)
Gross NPA ratio and Net NPA ratio was at 1.68 per cent and 0.21 per cent, respectively, as at December 31, 2013.
Net interest income for Q3 increased by 3.3 per cent to ₹416.1 crore from ₹402.9 crore in the corresponding quarter of last year, and net interest margin was 3.55 per cent in the current quarter compared to 3.61 per cent in the corresponding quarter of last year. Total deposits were ₹38,956 crore at the end of December 2013, up 3.4 per cent from ₹37,691 crore at the end of December 2012.
The growth in deposits was slower as the bank availed foreign currency loan facility of $385 million during the quarter.
The bank availed of this facility under the recent RBI guidelines offering swap facility to banks for their FCY borrowings at concessional rates.
The growth in retail deposits continued, while the wholesale deposits have been partly substituted by borrowings.
Current and Savings (CASA) deposits grew by 13.2 per cent to ₹13,528 crore from ₹11,949 crore as at end of December 2012.
The Capital Adequacy Ratio (CAR) of the Bank as at December 31, 2013, was 16.93 per cent (according to Basel-III).