Vijaya Bank Posts Highest Ever Quarterly Profit

Vijaya Bank Financial Results photo
Vijaya Bank MD & CEO Dr. Kishore Sansi addressing press reporters during announcement of the Bank’s Financial Results for the quarter ended 30.06.2017 at Bangalore on 22.07.2017 in the presence of Executive Directors Sri B. S. Rama Rao and Sri Y. Nageswara Rao

Bengaluru,22 July 2017:

The Board of Directors of the Bank today approved the Reviewed Financial Results of the Bank for the Quarter ended 30th June, 2017.

Aided by a 20.59% growth in Net Interest Income and a whopping 114.49% jump in other income, Net Profit of the Bank for June 2017 quarter zoomed by 57.55% to reach all time quarterly high of Rs. 254.69 crores. Operating Profit of the Bank registered remarkable growth of 64.05% and reached Rs. 752.55 crores for June 2017.

The Bank continued to excel in the area of Retail Credit evidenced by a substantial overall Retail Credit growth of 22.80% and a 26.41% growth in Housing Loan portfolio, in particular.

CASA Deposits have increased to Rs. 36,318 crores, up by 29.82%. Savings Bank Deposits have recorded a growth of 29.11% to reach Rs. 28,320 crores and Current Account Deposits have increased to Rs. 7,998 crores and recorded a impressive growth of 32.42%.

The Bank continued to focus on its Assets Quality which is witnessed by a decline in Net NPA to 5.24% from 5.42% a year ago, improvement in Provision Coverage Ratio from 48.55% to 56.01% though Gross NPA Ratio remained flat at 7.30%. CRAR of the Bank at 12.73% as of June 2017 (Basel III) is well above the prescribed minimum regulatory requirement.