ING Vysya Q3 up 43% on higher interest income

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ING Vysya Q3 up 43% on higher interest income

Supported by higher interest income Bangalore-based ING Vysya Bank's third quarter (October-December) net profit rose 44% year-on-year to Rs 120 crore, beating analysts’ expectation. The net interest income or the difference between interests earned and paid out rose 32% to Rs 324 crore.

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Supported by higher interest income Bangalore-based ING Vysya Bank's third quarter (October-December) net profit rose 44% year-on-year to Rs 120 crore, beating analysts' expectation. The net interest income or the difference between interests earned and paid out rose 32% to Rs 324 crore.

"We have been able to deliver 12% sequential growth in operating profit on the back of improvement in our cost income ratio to 57.2%. The net interest margin has further improved to 3.49% from 3.35% in previous quarter. Our continued focus on asset quality has enabled us to imrove our credit quality ratios in an otherwise challenging environment," Shailendra Bhandari, MD of the bank said in a statement.

The bank's loan book expanded by 22% Y-o-Y to Rs 26,752 crore while total deposits grew 16% to Rs 31,654 crore. The current account and savings account (CASA) ratio stood at 32.6% of total deposits as against 33.5% recorded in the same quarter previous year.

The lender managed to retain its asset quality with the net non-performing asset (NPAs) ratio remaining unchanged at 0.31% quarter-on-quarter. The gross NPA ratio however, improved a little from 2.02% to 2.01% sequentially. Provisions and contingencies were marginally lower at Rs 33.40 crore from 33.60 crore in Q3, FY11.

 "The quality of the asset portfolio continues to be healthy and provisions in current quarter are mainly on account of provisions for standard assets and on account of MFI buyout pool where the bank has been conservative and has fully provided for the entire buyout pool. This is the seventh consecutive quarter of improvement in gross NPA," said the release issued by the bank.

saikat.das@network18online.com