Public sector lender Viaya Bank today said it has posted a net profit of Rs 507 crore for the fiscal ending March 2010, which is higher by 93.28 per cent.
The bank's business volumes also crossed the Rs 100,000- crore mark.
For the fourth quarter ending March 2010, the bank saw its net profit touch Rs 130.92 crore, up by 28 per cent, the bank chairman and managing director Albert Tauro told reporters here.
The Bangalore-based bank's total business was up by 15 per cent at Rs 1,03,867 crore. The net interest margin for the full fiscal stood at 2.54 per cent as against 2.04 per cent last year. Net interest income for the year rose by 28.83 per cent.
Driven by 28.83 per cent growth in net interest income, operating profit for the full year increased to Rs 1,057 crore compared to Rs 899 crore for the previous year.
Total deposits for the year was up by 13.56 per cent to Rs 61,932 core and gross advances went up by 16.89 per cent to Rs 41,935 crore, he said. SB portfolio also crossed the Rs 10,000-crore mark with a year-on-year growth of 20 per cent.
For the fourth quarter the bank saw its net interest margin improve from 2.29 per cent to 2.73 per cent on quarter -on-quarter basis.
"Our FY10 financials show significant improvement compared to last year, especially from the viewpoints of efficiency and profitability. Consistent growth in core earnings continues to be the bank's strong point," Tauro said.
In terms of non performing assets (NPAs), the gross NPA ratio for the year was at 2.37 per cent as against 1.95 per cent last fiscal and the net NPA ratio stood at 1.40 per cent as against 0.82 per cent.
The bank has targetted a business of Rs 1,26,000 crore with a year-on-year growth of 20 per cent in the current fiscal. It has planned to contain net NPA within one per cent and net interest margin to three per cent.
It plans to shift to retail mode, have less recourse on bulk business, ensure thrust on SB and high networth individual clients for improving low cost deposit and is looking at adding close to 2,000 head counts, including 800 clerical staff.