Vijaya Bank posts net profit of Rs 174.96 cr in H1

Bangalore, Oct 18 (UNI) Celebrating its platinum jubilee, Vijaya Bank today announced an impressive jump of 70.51 per cent (year-on- year) in its net profit at Rs 174.96 crore during the first half of the current fiscal.

Bank Chairman and Managing Director Prakash P Mallya, announcing the results to newspersons here, said the first six months of 2006-07 saw the bank recording a 15.21 per cent growth in total business crossing Rs 51,581 crore as on September 30. The operating profit from core business, excluding treasury profit, was Rs 339.09 crore for the six months as against Rs 264.73 crore for the comparable period last year.

The operating profit for the second quarter rose by 8.02 per cent to touch Rs 176.58 crore as against Rs 163.47 crore during the previous quarter. The net profit for the second quarter was Rs 102.33 crore as against Rs 75.05 crore for the same quarter last year. During the first quarter, the net profit was Rs 72.63 crore.

He said the Board of Directors, at their meeting today, decided to launch two new schemes -- V-Rakshak and V-Shikshak for rehabilitation of army personnel and teachers during the platinum jubilee year.

Mr Mallya said the bank aimed at reaching a target of Rs 60,000 crore in business for the current fiscal, with the number of branches increasing to 1,000 from the current 929. The Bank had approached the RBI for licence of 143 branches, mostly in north and western region. The number of ATMs would touch 250 by March-end next year as against the current level of 152.

He said core banking solutions had been implemented in 386 business outlets, covering 75 per cent of the bank's business. This would go up to 85 per cent, touching 500 branches, he added.

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