Vijaya Bank has posted a marginal growth of 2.8% in net profit for the second quarter ended September 30 to record Rs 105.25 crore as against Rs 102.33 crore during the corresponding period of the previous year. The bank’s total income during the period was up 44.15% at Rs 1,051.26 crore from Rs 729.25 crore during a year-ago period. For the half-year, the bank?s net profit improved by 23.8% at Rs 216 crore compared to Rs 174.96 crore a year ago. Total business was up 33.73% from Rs 51,581 crore a year ago to Rs 68,980 crore.

Vijaya Bank CMD Prakash P Mallya said the bank targeted a net profit of Rs 425 crore to Rs 450 crore for the financial year ending March 2008. The bank also aimed to record total business of Rs 76,000 crore by the end of the current fiscal, including total deposits of Rs 45,000 crore and advances of Rs 31,000 crore, Mallya said.

Vijaya Bank also plans to enter capital market with tier II issue of Rs 300 crore during the current fiscal. The bank would expand its branch network to have 1,050 branches during the year compared to the current number of 938 branches. The capital adequacy ratio of the bank stood at 11.28%, while its net interest margin was 2.61%. Net non-performing assets were Rs 115.6 crore and the net NPA ratio was 0.44%.

BoM?s net up by 47%

Bank of Maharashtra(BoM) net profits for Q2 of 2007-08 has gone up by 47.57% to Rs 90.45 crore from Rs 61.29 crore in the corresponding period last year. Operating profit increased by 34.58% to Rs 162.12 crore for the quarter as against Rs 120.46 crore same time last year. Total income has gone up by 33.66% to Rs 912.86 crore while the interest spread is up 17% to Rs 292.86 crore from Rs 250.43 crore.BoM?s total business was at Rs 61,923 crore registering a growth of 27.17% over September 2006 with deposits recording a 25% growth to Rs 36,864 crore and advances growing by 30.52% to Rs 25,059 crore. The yield on advances has improved from 8.63% to 10.10%. Share of low cost deposits under current and savings deposits stood at 41.52 % on September 30, 2007. Cost of deposit stood at 5.75%.

The ratio of gross non-performing advances to gross advances declined from 4.74% as on September 30, 2006 to 3.18% as on September 30, 2007. CAR was at 13.60% while Tier I capital was 7.11%. Non interest income increased by 50.62% to Rs. 61.83 crore. During the second quarter, the Bank has added 3.50 lakh new accounts to its fold.

Union Bank posts a growth of 42.30%

The state-run Union Bank of India has posted a 42.27% increase in net profit at Rs 275.78 crore during the second quarter of 2007-08 as against the mark of Rs 194.16 crore a year ago thanks to a robust increase in fee-based income. Total income went up to Rs 2,525.65 crore during the period as against the mark of Rs 1,924.85 crore a year ago, thus showing a growth of 31.21% .