Vijaya Bank net profit growth down

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Bangalore, Apr 26 (UNI) The Public sector Vijaya Bank today announced that its business had crossed Rs 79,971 crore for the year 2007-08, a 28.47 per cent increase, over the previous year's figure of Rs 62248.47.

Despite a healthy overall growth, the bank's growth in net profit slowed down to 9.03 per cent at Rs 361.26 crore, against the previous year's figure of Rs 331.34.

Announcing the audited financial results for the just ended fiscal, bank Chairman and Managing Director Prakash P Mallya said the operating profit stood at Rs 660.86 crore.

Expressing confidence of faster growth he said Vijaya bank had launched a new business initiative to register a business of Rs one lakh crore in the current fiscal and a credit deposit ratio of above 70 per cent, he said.

The income from interest from the advances showed a healthy upward trend at Rs 2704.40 crore, up 53.34 per cent when compared to last year's figures of Rs 1762.71 crore, he said.

Other income increased from to Rs 437.15 crore, a growth of 65.41 per cent, compared to Rs 264.29 crore during the previous year.

He said the bank had total deposits of Rs 47,952 crore as on March 31, compared to previous year's Rs 37,604 crore, a growth of 27.52 per cent.

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