ING Vysya shares tank 7% on disappointing earnings

Jul 23 2014, 14:57 IST
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Shares of ING Vysya Bank today fell sharply by seven per cent in morning trade after the company reported 18 per cent drop in net profit for the June quarter. (Photo source: Reuters) Shares of ING Vysya Bank today fell sharply by seven per cent in morning trade after the company reported 18 per cent drop in net profit for the June quarter. (Photo source: Reuters)
SummaryShares of ING Vysya Bank today fell sharply by seven percent in morning trade...

Shares of ING Vysya Bank today fell sharply by seven per cent in morning trade after the company reported 18 per cent drop in net profit for the June quarter.

Stocks of the mid-sized private sector bank dropped seven per cent to Rs 576 on the BSE.

At the NSE, the scrip was down 6.72 per cent to Rs 575.

ING Vysya Bank had yesterday reported 18 per cent drop in net profit for the June quarter at Rs 143.4 crore due to higher provisioning for bad assets.

The bank had reported a net profit of Rs 175.1 crore in the same period last fiscal.

The bank's gross non-performing assets in the reporting quarter jumped to 2.39 per cent from 1.75 per cent a year ago.

The provisions for bad and doubtful assets soared 48 per cent to Rs 100.8 crore as against Rs 68.1 crore in the year ago period.

The bank's total income grew a mere three per cent to Rs 690.7 crore, while other income dipped seven per cent to Rs 227.6 crore. The net interest income grew nine per cent to Rs 463.1 crore.

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