Vijaya Bank earns Rs 126 Crore profit during third quarter

Bangalore, Jan 22(UNI) Public Sector Vijaya Bank has earned a profit of Rs 126.88 crores during the third quarter of the current fiscal as against Rs 92.73 crore earned during the corresponding quarter last year, thus recording an increase of 36.84 per cent.

Announcing this to newsmen here today, Bank's Chairman and Managing Director Prakash P Mallya said interest income on advances increased from Rs 459 crore to Rs 693 crore, a growth of over 51 per cent. The third quarter during this financial was eventful for the bank as it scaled new heights in its top line growth, improved its financials and opened its landmark 1000th branch in the city, he explained.

Replying to queries, he said the bank hoped to achieve a total business of Rs 76000 crore--Rs 45000 crore deposits and Rs 31000 crore advances, during the year. The total number of branches would be crossing over 1050 by March end, he added.

He said the bank's customers could access over 17000 ATMs of 28 participating banks as part of National Financial Switch Group. The bank would also ensure that over 675 branches were covered under the Core Banking Solutions as against the present 619.

Mr Mallya said the BASEL II capital adequacy requirements would be complied with by September 2008 as against the prescribed schedule of March next year.

UNI SR MSP RKN1549