ING Vysya Bank second quarter net profit rises over 17 pct to Rs 176 cr

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SummaryPrivate sector lender ING Vysya Bank today reported an over 17 per cent rise in net profit...

Private sector lender ING Vysya Bank Ltd today reported an over 17 per cent rise in net profit at Rs 176.30 crore for the second quarter ended September 30.

The bank had posted net profit of Rs 150.20 crore during the same quarter (July-September) in the previous financial year i.e. 2012-13.

Total income of the bank during the second quarter of the current fiscal increased by 16.2 per cent to Rs 625 crore.

Net Interest Income (NII) for the quarter increased by 19.4 per cent to Rs 440.30 crore from Rs 368.80 crore in the corresponding quarter of the previous year.

Net Interest Margin (NIM) -- the difference of interest earned and interest spend is a gauge of the profitability -- was flat at 3.46 per cent compared to 3.45 per cent in the corresponding quarter of the previous year.

"...While we have seen margin pressure in the current quarter, we continue to be on track to more than match the full year NIM of 3.52 per cent achieved last year," the bank's Managing Director Shailendra Bhandari said in a statement.

ING Vysya Bank had reported net profit of Rs 175.12 crore in the June quarter of 2013-14. "This was the sixteenth sequential quarter of PAT (profit after tax) growth," the lender said in the statement.

Bhandari said it was an extremely challenging quarter with significant volatility in both the interest and currency markets.

Shares of the bank today closed at Rs 585.60 apiece on the BSE, up 1.03 per cent from their previous close.

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