ING Vysya Q2 net up 30% to Rs 150 cr

Private lender ING Vysya Bank has posted a 30 percent rise in net profit to Rs 150.2 crore in the second quarter of current financial year on the back of sound growth in core income.

Net profit stood at Rs 115.4 crore in the same period last fiscal. Total income increased by 15.4 percent to Rs 537.7 crore in the July-September period as compared to Rs 466.1 crore in the same period last year.

“We have registered sound growth in the second quarter on the back of good growth in core income,” Chief Financial Officer of ING Vysya Bank, Jayant Mehrotra, told reporters in a conference call today. While net interest income (NII) of the bank rose by 21 percent to Rs 368.8 crore, net interest margin improved by 10 basis points to 3.45 percent during Q2.

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“We hope to maintain the momentum in net interest margin level and possibly see an upside going ahead,” Mehrotra said. The Bangalore-based private lender also saw a robust growth in advances and deposits during the period under review.

While gross advances grew 21 percent to Rs 30,581 crore, total deposits were up 18 percent to Rs 36,169 crore during the quarter.

On the non-performing asset front, net NPA improved to 0.13 percent from 0.31 percent and gross NPA improved to 1.90 percent from 2.02 percent during the second quarter.

The bank said its current account, savings account (CASA) ratio stood at 32.8 percent at the end of September 30. The lender’s capital adequacy ratio stood at 13.04 percent by end of the second quarter.

PTI