Bangalore-based private sector lender, ING Vysya Bank, today reported 21.7 per cent rise in its net profit at Rs 52.05 crore for the third quarter ended December 31, 2008, as compared to the corresponding quarter last fiscal.
The bank's total income for the period zoomed up by 48.9 per cent to Rs 769.3 crore compared to the same quarter last year.
The rise in profits were boosted by a 19 per cent rise in its net interest income, which stood at Rs 172.7 crore as compared to the same period last year. The bank has shown a lower provisions this quarter at Rs 21.6 crore as compared to Rs 27.7 crore last year. The profit would have been higher but for a sharp rise in its operating expenses which went up by 35.5 per cent to Rs 215.3 crore during the third quarter as against the same period last year.
The operating profit stood at Rs 106.5 crore, a growth of 30.3 per cent over the year ago period.
The capital adequacy ratio dropped to 10.7 per cent as against 12.23 per cent in the year ago period. The earnings per share improved to Rs 5.07 from Rs 4.42 last year. The return on assets also slipped to 0.73 per cent from 0.79 per cent. The percentage of net non performing assets during the quarter rose to 1.09 per cent from 0.71 per cent.