Vijaya Bank earns Rs 111 crore profit during Q1

By Staff
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Google Oneindia News

Bangalore, July 30 (UNI) For the first time, the Public Sector Vijaya Bank's profit has crossed Rs 111 crore mark during the first quarter of the fiscal year, registering a growth of 53.31 per cent over last year's first quarter, Bank's Chairman and Managing Director Prakash P Mallya announced today.

Briefing newsmen here, he said the net profit during the first quarter of last year was Rs 72.63 crore. The total business done was Rs 64,477 crore and the corporate plan envisaged crossing of Rs one lakh crore by 2009.

The deposits had crossed Rs 39,740 crore and the advances Rs 24,735 crore. The interest on loans and advances significantly crossed 61.33 per cent from Rs 378.36 crore during the first quarter of last year to Rs 610.40 crore.

He said while the gross Non Performing Asset ratio was 2.22 per cent, the net NPA was brought down to 0.49 per cent.

Speaking on plans for the year, he said the Bank would aim at increasing profitability through core business. The Bank would reach a total business of Rs 76,000 crore comprising deposits of Rs 45,000 crore and advances of Rs 31,000 crore.

The Bank would increase its total number of branches under Core Banking Solution business from 492 to 675b to cover 90 per cent of business. At least one million Current and Savings Bank Accounts would be opened before August next, he added.

He said the Bank would ensure compliance with BASEL II capital adequacy requirements by September itself as against the prescribed schedule of March 2009.

He said the Bank would open two full-fledged branches at Dubai and Hong Kong during the year.

UNI

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