Vijaya Bank net profit growth slows down

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

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 previous year's figure of Rs 331.34 crore.

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 a fater growth he said Vijaya bank had launched a new business initiative to reach a total 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.

Vijaya bank had advanced a total sum of Rs 32,019 crore against Rs 24,644 crore advanced in the previous period which amounted to a.

growth of 29.93 per cent.

The public sector major had brought down its net NPA ratio further down to 0.57 from 0.59 last year. The gross NPA was at 1.60 per cent, down from previous period's 2.29 per cent, Mr Mallya said.

The earning per share rose to Rs 8.33 against Rs 7.64 in 06-07.

Average business per employee went up to Rs 6.13 crore against last yeras Rs 4.55 crore.

For fourth quarter ended March 31, 2008, the operating profit dropped to Rs 186.41 crore from Rs 193.28 crore during the previous period. The net profit stood at Rs 17.78 crore after providing incrimetal MTM diminution in the value of investments to the tune of Rs 272.12 crore, the CMD said.

Income from interest on advances was Rs 742.25 crore, compared to Rs 513.37 crore in the previous year, a growth of 44.58 per cent.

He said yield on advances had gone up by 118 bps to 10.38 per cent. Other income stood at Rs 165.10 cr an impressive 95.15 per cent higher than the previous period.

He said the Board has recommended a final dividend of 20 per cent.

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