Vijaya Bank’s net profit up by 109.25 per cent

In an impressive performance, Vijaya Bank on Thursday reported a jump in the net profit by 109.25 pc. The net profit of the bank stood at Rs 411.31 crore for the year 2003-04 as compared to Rs 196.56 crore in the year 2002-03.

The bank also registered a total deposit growth of 23.47 pc to touch Rs 21,015 crore in 2003-04, while gross advances grew 38.50 pc to touch Rs 11,335 crore. Vijaya Bank chairman and managing director M.S. Kapur announced the bank’s annual result on Thursday. The bank registered a total business of Rs 32,350 crore in 2003-04, up 28.35 pc from business of Rs 25,203 crore in the previous year. The bank said return on average assets improved to 1.91 pc from 1.13 pc in 2002-03, while return on net worth improved to 40.90 pc from 29.23 pc in the previous financial year.

Kapur said the bank declared a total dividend of 25 pc to its shareholders including an interim dividend of 10 pc during December last. Retail business drove the growth for the bank this fiscal, accounting to over 38 pc of the total advances.

According to Kapur, “the bank aims to achieve a total business of Rs 43,000 crore, which includes Rs 28,000 crore in deposits and Rs 15,000 crore in advances by March 2005.” “The thrust would continue on retail accounting to over 50 pc of business,” Kapur said while adding that the bank planned to open an offshore banking unit (OBU) at special economic zone in Mumbai.