Public sector lender Vijaya Bank on Friday reported a 43% year-on-year rise in its net profit at R53 crore for the third quarter ended December.
In the same quarter a year ago, the bank’s net profit stood at R37 crore. The total income for the quarter was down by 2% to R3,237 crore, against R3,303 crore a year ago.
The rise in the net profit was due to a handsome growth in net interest income, which went up 33% to R738 crore from R555 crore in the year-ago period. The net interest margin improved to 2.44% from 1.88% year-on-year.
For the three months ended December 2015, the bank earned fee-based income of R122 crore, against R93 crore a year ago, showing a growth of 31.2%.
The operating profit for the quarter went up 26% to R443 crore as against R351 crore.