Vijaya Bank's net profit up 2.8%

Vijaya Bank's net profit up 2.8%

Vijaya Bank has posted a growth of 2.8% in net profit for the second quarter ended September 30 to record Rs 105.25 crore as against Rs 102.33 crore during the corresponding period of the previous year. The bank’s total income during the period was up 44.15% at Rs 1,051.26 crore from Rs 729.25 crore during a year-ago period. For the half year, the bank’s net profit improved by 23.8% at Rs 216 crore compared to Rs 174.96 crore a year ago. Operating profit for the second quarter declined by 9.56% to Rs 144.55 crore compared with the same period last year. Total business was up 33.73% from Rs 51,581 crore a year ago to Rs 68,980 crore.

Vijaya Bank CMD Prakash P. Mallya said the bank is targeting a net profit of Rs 425 crore to Rs 450 crore for the current fiscal ending March 2008. The bank is looking to do a business of Rs 76,000 crore, including deposits of Rs 45,000 crore and advances of Rs 31,000 cr.

Vijaya Bank also plans to enter the capital market with tier II issue of Rs 300 crore during the current fiscal. The bank is planning to expand its branch network to 1,050 branches during the year as against the present 938 branches. The capital adequacy ratio stood at 11.28%, while its net interest margin was 2.61%. Net non-performing assets were Rs 115.6 crore and the net NPA ratio was 0.44%.

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