The government-run IDBI Bank on Thursday reported a 46% jump in net profit at Rs 251 crore for the June quarter, helped by a healthy growth in its net interest income and notwithstanding an increase in bad loans. Net profit rose to Rs 251 crore during the quarter from Rs 172 crore in the year-ago period buoyed by a good rise in its net interest and fee-based revenues to Rs 851 crore and 385 crore, respectively. Total income grew to Rs 4,755 crore from Rs 4,219 crore in the first quarter last fiscal.
During the reporting quarter, the bank witnessed a 38% growth in its loans to Rs 1.35 lakh crore while the deposit base expanded by 36% to Rs 1.57 lakh crore.
State Bank of Hyderabad Q1 net soars 83%
State Bank of Hyderabad (SBH) has reported a net profit of Rs 201.24 crore, up by 82.55%, during the first quarter of FY11 as against Rs 110.24 crore for the first quarter of the previous year. Operating profit rose to Rs 485.26 crore during the period under review as compared to Rs 315.37 crore in the corresponding period last year, an increase of 53.87% year-on-year (y-o-y).
Total interest income surged by 18.16% to Rs 1,816.06 crore in Q1 FY11 against Rs 1,536.92 crore during Q1 FY10. The interest expenditure was contained at Rs 1,196.89 crore against Rs 1,155.92 crore for Q1 FY10, registering a growth of 3.54% on account of bank mobilising more low cost deposits. Net interest income (NII) increased 62.51% to Rs 619 crore in Q1FY11 as against Rs 381 crore for Q1FY10.
ING Vysya Bank net up on improved cost of deposits
ING Vysya Bank on Thursday posted a 15% rise in its net profit for the quarter ended June 30, 2010. The bank reported a net profit of Rs 69.1 crore as against Rs 60.3 crore, in the same period last year.
For the quarter, the bank saw a 38% rise in its net interest income (NII) to Rs 238.0 crore from Rs 171.9 crore, with net interest margin (NIM) at 3.3% compared with 2.7%, a year ago.
?This was achieved on the back of significant improvement in the cost of deposits which improved to 4.7% in the current quarter from 6.4% for the quarter ended June 2009. This is inspite of the fact that there has been an increase in cost of savings bank deposits and higher reserve requirements,? the bank said.
Vijaya Bank Q1 net interest income at Rs 466 crore
Vijaya Bank on Thursday posted 21% rise in its net profit for the quarter ended June 30, 2010. The bank reported a net profit of Rs 173 crore as against Rs 143 crore, during the same period last year. The bank’s net interest income for the quarter ended June 30, 2010, rose to Rs 446 crore from Rs 341 crore in a year ago. ?Our core earnings continue to show improvement notwithstanding a somewhat slackened pace of business in the first quarter,? Vijaya Bank CMD Albert Tauro said. Driven by 48% growth in net interest income, operating profit for the first quarter improved by 49.81% to Rs 314.26 crore compared to Rs 209.77 crore for the corresponding quarter of last year.
State Bank of Bikaner and Jaipur operating profit up
The operating profit of SBBJ increased by 34.9% to Rs 290.54 crore compared to Rs 215.34 crore recorded during the corresponding period last year. The net profit, however, stood at Rs 103.14 crore due to higher provisioning as the Bank has provided Rs 119 crore more than the last year same period, on account of provisions and contingencies, Net NPA ratio of the bank increased to 0.91 from 0.85%.
During the quarter, the Net Interest Income of the Bank increased by 28.2 % and stood at 377 crore as against Rs.294 crore during the corresponding period last year.
