ING Vysya Bank Q1 net up 35% at R175 cr

Private sector lender ING Vysya Bank today reported nearly 35 per cent growth in net profit to Rs 175.1 crore for the first quarter

Written by Press Trust Of India | New Delhi | Published: July 23, 2013 3:20 am

Private sector lender ING Vysya Bank today reported nearly 35 per cent growth in net profit to Rs 175.1 crore for the first quarter ended June 30,2013.

The company had a net profit of Rs 130.1 crore in the April-June quarter of the previous fiscal,ING Vysya Bank said in a statement. Total income of the lender rose to Rs 1,553.08 crore in the quarter under review,from Rs 1,342.36 crore in the corresponding period of last fiscal.

Net Interest Income for the quarter increased by 23.9 per cent to Rs 425.4 crore from Rs 343.3 crore in the corresponding quarter of the previous year.

The net interest margins (NIM) stood at 3.56 per cent at the end of the first quarter.

As of June 30,2013,the bank’s gross non-performing assets (NPAs) declined marginally to 1.75 per cent of advances as against 1.79 per cent in the same quarter of the previous fiscal.

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