Vijaya Bank Posts Highest Ever Quarterly Profit
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.