Vijaya Bank third quarter net profit surges 80% to Rs 143 cr; gross NPAs decline marginally to 6.14%
Total income of Vijaya Bank also rose to Rs 4,106.42 crore during the period, compared with Rs 3,450.81 crore a year ago, Vijaya Bank said in a regulatory filing.
The bank's total income also rose to Rs 4,106.42 crore during the period
Net NPAs go up to 4.08 percent during October-December 2018
Provision for bad loans nearly doubled to Rs 582.22 crore
New Delhi: State-owned Vijaya Bank on Wednesday reported a 80.2 percent jump in its net profit to Rs 143.38 crore for the December 2018 quarter.
The public sector lender had posted a net profit of Rs 79.56 crore in the corresponding quarter of the previous fiscal.
The bank's total income also rose to Rs 4,106.42 crore during the period, compared with Rs 3,450.81 crore a year ago, Vijaya Bank said in a regulatory filing.
The bank's gross non-performing assets (NPAs) declined marginally to 6.14 percent, against 6.17 percent in the same quarter of last fiscal.
However, net NPAs rose to 4.08 percent during October-December 2018, compared with 3.99 percent in the year-ago period.
During the quarter, the provision for bad loans nearly doubled to Rs 582.22 crore from Rs 333.26 crore a year ago.
This is the second last quarterly result of the bank ahead of its amalgamation with Bank of Baroda beginning April 1,2019.
The bank's shares on Wednesday fell by 85 paise, or 1.87 percent, to close at Rs 44.50 apiece on the BSE.
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In absolute value, Bank of India's gross NPAs rose to Rs 60,604.46 crore at the end of the first quarter of 2018-19 as against Rs 51,019.11 crore by the same period a year ago.
The issue of impaired assets may be far from over for the banking system as gross non-performing assets have grown by 34.5 percent in the December quarter, says a Care report.
Bank of Baroda raised the provisions for bad loans and contingencies to Rs 4,209.16 crore for the quarter, from Rs 2,429.54 crore a year ago.