Vijaya Bank Q1 net zooms 53%

Updated: Jul 31 2007, 04:52am hrs
Vijaya Bank logged a 53.31% growth in net profit for the first quarter of FY08 at Rs 111.34 crore as against Rs 72.63 crore during the corresponding period of the previous year. Total business also grew 37.77% to touch Rs 64,477 crore. We hope of doing total business of Rs 76,000 crore for the current fiscal comprising total deposits of Rs 45,000 crore and advances of Rs 31,000 crore. By fiscal 2009, we expect to cross Rs 1 lakh crore of total business, chairman and managing director PP Mallya said. He said the bank had a net interest margin of 3.11% and the net NPA ratio was 0.49% or Rs 119.47 crore. In the first quarter ended June 30, we had a total cash recovery of Rs 73.21 crore, he said. Mallya said the bank was expected to have 1,050 branches by March 2008 and also planned to open full-fledged branches in Dubai and Hong Kong in the current fiscal.

We are also looking at 76% growth under the education loan portfolio and hope to disburse Rs 367 crore in the current financial year, he said. The bank is hopeful of meeting Basel II compliance on capital adequacy requirements by September 2008. Currently, the banks capital adequacy ratio stood at 11.21%.