ING Vysya Bank Q3 net profit up 198% to Rs 42.75 crore

ING Vysya Bank has posted a 198.33 per cent rise in third quarter net profit at Rs 42.75 crore from Rs 14.33 crore in the corresponding period of last financial year.

The profit for reporting quarter (ended December 2007) includes a gain of Rs 18.38 crore on sale of a Non-banking Asset.

The bank's total income rose to Rs 528.06 crore in October-December 2007 from Rs 370.87 crore a year ago.

The other income for the quarter rose by 124.13 per cent to Rs 90.37 crore from Rs 40.32 crore, driven by strong growth of fee income in both retail and wholesale segments. Its deposits grew by 24.28 per cent to Rs 17, 870.77 crore from Rs 14,379.89 crore reported at the end of December 2006.

The low cost deposits increased by 24.58 per cent to Rs 5,406.11 crore from Rs 4,339.61 crore at the end of December 2006. The advances increased by 23.84 per cent to Rs 13,408.66 crore from Rs 10,827.29 crore. The total assets of the bank registered a growth of 22.69 per cent to Rs 22, 265.71 crore.

The provision and contingencies increased marginally by 6.82 per cent to Rs 27.74 crore from Rs 25.97 crore. The gross non-performing assets (NPAs) ratio improved to 1.81 per cent at the end of December 2007 from 3.34 per cent in December 2006 and the net NPA ratio also improved to 0.71 per cent from 1.27 per cent in the same period.

The capital Adequacy Ratio stood at 12.23 per cent as on December 31, 2007 against 10.70 per cent at the end of December 2006.