Apr 30, 2013, 09.11 PM IST | Source: Moneycontrol.com

Vijaya Bank Q4 net up 24% on tax writeback & other income

State-owned Vijaya Bank's fourth quarter (January - March) net profit grew 24 percent year-on-year to Rs 224 crore, driven by a tax writeback of Rs 41 crore and a spike in other income component that surged from Rs 138 crore to Rs 277 crore.

Moneycontrol Bureau

State-owned Vijaya Bank 's fourth quarter (January - March) net profit grew 24 percent year-on-year to Rs 224 crore, driven by a tax writeback of Rs 41 crore and a spike in other income component that surged from Rs 138 crore to Rs 277 crore.

Net interest income or the difference between interest earned and paid out, however rose at a slower pace by 5 percent to Rs 517 crore during the quarter.

The bank expanded loans about 19 percent to Rs 69,700 crore while deposits grew about 17 percent to a little more than Rs 97,000. On the both cases, it has surpassed the average industry growth.

Meanwhile, the gross non-performing asset (NPA) ratio improved to 2.17 percent as against 2.93 percent a year back. Net NPA ratio stood at at 1.30 percent as against 1.72 percent during the same time.

Provisions and contingences more than doubled to Rs 205 crore compared with Rs 87 crore.

At 13:35 hours IST, Vijaya Bank shares were trading at Rs 53.35, up close to 3 percent on NSE.

saikat.das@network18online.com

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