ING Vysya Q4 net jumps 77 per cent

Chennai, Apr 30: ING Vysya Bank has reported a net profit of Rs 159 crore, up 77 per cent for the year ended March 31, 2008. Deposits increased by 33 per cent to Rs 20,498 crore for the year ended March 31, 2008 over the corresponding period of previous year, a company release here today said.

Profit Before Tax (PBT) increased by 97 per cent to Rs 251.4 crore (Rs 127.6 crore) and total income by 37 per cent to Rs 2,078.6 crore (Rs 1,519.9 crore). Other income for the year ended March 31, 2008 registered growth of 46 per cent to Rs 418.6 crore (Rs 285.7 crore) driven by strong growth of fee income in both retail and wholesale segments. Provisions and Contingencies were lower by 43 per cent at Rs 56.0 crore (Rs 98.7 crore).

The net profit after tax for the quarter ended March 31, 2008 increased by 133 per cent to Rs 42.9 crore (Rs 18.4 crore) while the profit before tax (PBT) increased by 117 per cent to Rs 65.5 crore (Rs 30.2 crore).

Total income was higher by 28 per cent at Rs 569.1 crore (Rs 442.9 crore).

Total assets of the bank as at March 31, 2008 stood at Rs 25,540 crore, an increase of 32 per cent.

The gross non-performing advances (NPA) ratio improved to 1.38 per cent as at March 31, 2008 from 2.55 per cent as at March 31, 2007 while the net NPA ratio improved to 0.70 per cent from 0.95 per cent in the same period.

The capital adequacy ratio of the bank stood at 10.20 per cent at March 31, 2008.

UNI