Public-sector lender Vijaya Bank on Monday posted a 234% jump in its net profit for the fourth quarter ended March 2012 backed by improved business and lower provisioning. The PSU bank’s net profit for the quarter stood at R180.97 crore compared with R54.23 crore in the corresponding period last year.
Chairman and managing director of Vijaya Bank HS Upendra Kamath said, ?Calibrated approach towards improving the business, containing delinquency of borrowal accounts and costs has resulted in better performance even in the dwindling economic scenario?.
The bank?s operating profit for the quarter was up 140% to R263.48 crore. For the full year ended March 2012, the Bangalore-based bank posted profit of R581 crore, up 10.9% year on year. Vijaya Bank said net profit for the year was arrived at after making necessary provisions including provision for NPA (non performing assets) of R414 crore, provision for standard assets of R34.81 crore and provision for standard restructured accounts towards economic loss of R39.58 core.
For the fourth quarter yield on advances improved to 11.93% against 10.48% qoq, while net interest income was up 3%. For FY12, operating profit stood at R1,230.47 crore against R1046.68 crore during the same period last year. Yield on advances for the year improved to 11.73% against 10.25%, a year ago.
Aggregate business of the bank stood at R1,41,727 crore, comprising R83,056 crore of deposits and R58,671 crore of advances, the bank said. Net NPA ratio of the bank stood at 1.72% compared with 1.52% during the same period last year.