ING Vysya Bank Q1 net up 36% at Rs 94 cr

The bank had posted a net profit of Rs 69 crore in the April-June quarter of the previous fiscal, ING Vysya Bank said in a statement.

Total income of the bank rose to Rs 1,011 crore in the quarter from Rs 712 crore in the year-ago period. Net Interest Income (NII) for the quarter increased to Rs 262 crore from Rs 238 crore in the same quarter last year. Net Interest Margin (NIM) was 3.02 per cent for the quarter.

With interest rate close to its peak barring unexpected policy changes, NIM's are expected to stabilise and improve in the following quarter, it said.

Commenting on the results, ING Vysya Bank Managing Director, Shailendra Bhandari said, "despite high interest rates, there are very few signs of stress on our asset portfolio. Our growth in profits has been equally driven by interest income and fee income."

"This is despite a tight monetary policy situation in the market which has led to a decline in NIM¿s for most banks," he said, adding, "we are, however, confident that with the measures we have taken our NIM will continue to consistently improve over the coming quarters."