ING Vysya Bank Q3 profit seen 30% YoY to Rs 150 cr

Private sector lender ING Vysya Bank is set to announce its results for the third quarter of financial year 2012-13 on Monday. Analysts on an average expect very strong numbers on all parameters from the bank. Profit after tax is likely to grow by 30 percent year-on-year to Rs 150 crore in the quarter, according to CNBC-TV18 poll.

Net interest income is seen going up by 21.5 percent to Rs 368.8 crore from Rs 303.6 crore during the same period. In second (July-September) quarter, net interest margin had improved 16 basis points quarter-on-quarter to 3.45 percent as cost of deposits eased 25 basis points QoQ. Provisions fell 63 percent year-on-year and 76 percent quarter-on-quarter to Rs 6.4 crore in second quarter. Gross non-performing asset (NPA) declined 7 basis points QoQ to 1.90 percent while net NPA fell 6 basis points to 0.13 percent in September quarter. Asset quality remained healthy in second quarter: Net slippages were low at Rs 35 crore (as against Rs 100 crore in Q1) with credit costs declining. Only 2 percent of the wholesale loan portfolio (42 percent of total book) is below BBB- rated borrowers. Other income was Rs 170 crore in second quarter: Core fee Income was up only 5 percent YoY and flat QoQ due to a one off reversal of Rs 22 crore on derivate contract. Strong growth from asset related fees went up by 15 percent QoQ and 44 percent YoY to Rs 37.5 crore. Trading income increased to Rs 4.4 crore from Rs 3 crore YoY. Advances grew 21 percent while deposits rose by 18 percent in second quarter: Within advances, the SME book continued to perform well with a 27 percent YoY growth Share of SME in the total loan book was 32.5 percent