ING Vysya Bank Q2 net up over 17% to Rs 176 cr

Private sector lender ING Vysya Bank on Tuesday reported an over 17 percent rise in net profit at Rs 176.30 crore for the second quarter ended September 30.

The bank had posted net profit of Rs 150.20 crore during the same quarter (July-September) in the previous financial year.

Total income of the bank during the second quarter of the current fiscal increased by 16.2 percent to Rs 625 crore.

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Net interest income (NII) for the quarter increased by 19.4 percent to Rs 440.30 crore from Rs 368.80 crore in the corresponding quarter of the previous year.

Net interest margin (NIM) was flat at 3.46 percent compared to 3.45 percent in the corresponding quarter of the previous year.

“While we have seen margin pressure in the current quarter, we continue to be on track to more than match the full year NIM of 3.52 percent achieved last year,” the bank’s Managing Director Shailendra Bhandari said in a statement.

Mr Bhandari said it was an extremely challenging quarter with significant volatility in both the interest and currency markets.