A robust growth in interest income and lower provisions against bad loans helped ING Vysya Bank to report nearly 34 percent spike in its fourth quarter (January-March) net profit at around Rs 170 crore.
Net interest income (NII) or the difference between interest earned and paid out, rose by 33 percent Y-o-Y to Rs 424 crore.
Gross non-performing asset (NPA) ratio improved to 1.76 percent versus 1.92 percent a year back and net NPA stood at 0.03 percent as against 0.18 percent during the same period.
Provisions against bad loans decreased to Rs 33.6 crore as compared with Rs 57 crore in the corresponding quarter of the previous year. Total loans expanded 11 percent Y-o-Y to Rs 32,000 crore.
Deposits grew 17 percent Y-o-Y to Rs. 41,334 crore. Cost of deposits improved from 7.27 percent to 7.14 percent Y-o-Y. However, the share of low cost current and savings account deposit fell to 32.50 percent as against 34.28 percent.
ING Vysya Bank shares on Monday hit 52-week high at Rs 608. Those closed the day's trading at Rs 602.60, up nearly 2 percent on NSE.
saikat.das@network18online.com
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