Business Daily from THE HINDU group of publications
Tuesday, Jul 31, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 31, 2007 ePaper |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Vijaya Bank net up on increase in core income
Mr Prakash P. Mallya, CMD
Our Bureau Bangalore, July 30 Vijaya Bank has reported a net profit of Rs 111.35 crore for the first quarter of the financial year 2007-08, an increase of 53 per cent over the first quarter of 2006-07. Briefing reporters, the Chairman and Managing Director, Mr Prakash P. Mallya, said: “Our profits were driven entirely by increase in core income.” Gross income rose to Rs 966.75 crore and interest income increased to Rs 378.36 crore. The increase was largely driven by a 38 per cent increase in advances from Rs 17,916 crore to Rs 24,735 crore during the period.
Gross expenditure rose to Rs 795.48 crore from Rs 504.95 crore. This was largely due to rise in interest expenditure to Rs 634.62 crore from Rs 355.11 crore. Deposits rose to Rs 39,742 crore from Rs 28,884 crore. Operating profit was down to 171.27 crore from Rs 195.11 crore. The drop was on account of the abolition of interest payments on Cash Reserve Ratio balances and drop in other income. Other income of the bank fell to Rs 68.52 crore from Rs 86.62 crore. However, Vijaya Bank was able to defend its net interest margin at 3.11 per cent.
Related Stories: More Stories on : Financial Performance | Public Sector Banks
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