Vijaya Bank net zooms 79% in Q3

Bengaluru, Jan. 23 (IANS): State-run Vijaya Bank on Wednesday reported a Rs. 143 crore net profit for the third quarter of fiscal 2018-19, registering a whopping 79 per cent annual growth from Rs. 80 crore in the same period a year ago. Sequentially, net profit for the quarter (Q3) under review, however, remained flat from Rs. 140 crore a quarter ago. The city-based bank earned Rs. 3,848 crore as interest for Q3, registering 23 per cent Year-on-Year (YoY) growth from Rs. 3,135 crore in the like period a year ago and 5.9 per cent sequentially from Rs. 3,634 crore a quarter ago. “Total income grew 19 per cent YoY to Rs. 4,106 crore from Rs. 3,451 crore year ago and 4.5 per cent sequentially from Rs. 3,931 crore a quarter ago,” the bank said in a statement here. The operating profit, however, declined 1.6 per cent YoY to Rs. 756 crore from Rs. 768 crore a year ago and remained flat (0.4 per cent) sequentially from Rs. 759 crore a quarter ago. Provision for non-performing assets (NPA) shot up 79 per cent YoY to Rs. 582 crore from Rs. 333 crore a year ago and 19 per cent sequentially from Rs. 488 crore a quarter ago. General provision, however, declined 6.3 per cent YoY to Rs. 578 crore from Rs. 677 crore a year ago 1.9 per cent sequentially from Rs. 589 crore a quarter ago.