Vijaya Bank Q3 net up 118%

Vijaya Bank Q3 net profit has shot up by 118 per cent to touch Rs 286.90 crore as against Rs 131.11 crore for the corresponding previous quarter.

The bank's net NPA ratio has undergone significant change to 1.45 per cent for the current Q3 when compared to 3.96 per cent for the previous corresponding quarter.

"Taking into consideration the overall profitability position and also the overwhelming response to the our recent Public Issue, the Board of Directors of the Bank has paid an interim dividend at 10 per cent on the post issue capital of Rs 433.52 crore," said M S Kapur, chairman and managing director, Vijaya Bank.

The gross advances recorded an increase of Rs 3200 crore constituting a growth of 44.79 per cent for the 9-month period ended December 31, 2003.

Total disbursements under retail lending schemes amounted to Rs 2075.49 crore as compared to Rs 678.30 crore in corresponding previous period, recording an increase of Rs 205.97 per cent.

"Disbursements under housing sector was substantially higher at Rs 906.31 crore as compared to Rs 143.97 crore in corresponding previous period, recording an increase of 205.97 per cent," added Kapur.

Commenting on future plans, Kapur said: "We aim to achieve total business levels of Rs 43,000 crore comprising of Rs 28,000 crore of deposits and Rs 15,000 crore of advances by March 2005. " The focus during 2003-04 would be concentrate on expanding the clientele base, with thrust on mobilising low cost deposits and expand retail credit."