Moneycontrol Bureau
ING Vysya Bank's third quarter net profit declined 13 percent year-on-year to Rs 145.7 crore dented by higher provisions and lower other income.
Net interest income grew 18.2 percent to Rs 491.6 crore during October-December quarter compared to Rs 416.1 crore in same quarter last fiscal. Net interest income is the difference between interest earned and interest expended.
Other income (non-interest income) of the private sector lender slipped marginally to Rs 205.56 crore from Rs 214.58 crore during the same period.
Provisions for bad loans jumped 167.4 percent on yearly basis (up 24 percent sequentially) to Rs 61.5 crore in the quarter gone by.
Asset quality was worsened during the quarter as gross non-performing assets (NPA) climbed 18 basis points year-on-year (up 27 bps quarter-on-quarter) to 1.86 percent in the quarter ended December 2014. Net NPA jumped 45 bps Y-o-Y (up 24 bps Q-o-Q) to 0.66 percent during the quarter.
Capital adequacy ratio stood at 14.02 percent in December quarter, declined from 14.39 percent in previous quarter and 16.93 percent in the year-ago period.
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