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ING Vysya Bank net up 35%

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SummaryPrivate sector lender ING Vysya Bank on Monday reported nearly 35% growth in net profit to R175.1 crore for the first quarter ended June 30, 2013.

Private sector lender ING Vysya Bank on Monday reported nearly 35% growth in net profit to R175.1 crore for the first quarter ended June 30, 2013.

The company had a net profit of R130.1 crore in the April-June quarter of the previous fiscal, ING Vysya Bank said in a statement.

Total income of the lender rose to R1,553.08 crore in the quarter from R1,342.36 crore in the corresponding period of last fiscal.

Net Interest Income for the quarter increased by 23.9% to R425.4 crore from R343.3 crore in the corresponding quarter of the previous year. The net interest margins (NIM) stood at 3.56% at the end of the first quarter.

As of June 30, the banks gross non-performing assets (NPAs) declined marginally to 1.75% of advances against 1.79% in the same quarter of the previous fiscal. Its net non-performing assets remained static at 0.19%.

The banks Capital Adequacy Ratio (CAR) as of June 30 stood at 12.59%. Shares of the bank closed at R575.15 per unit, down 0.17% on BSE.

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