Private-sector lender, ING Vysya Bank has posted 15 per cent rise in its net profit to Rs 69. 1 crore in the first quarter ended June, on the back of lower cost of deposit along with higher interest income.
Total income of the bank increased to Rs 362.4 crore, a 9.28 per cent rise over the same period last year. While bank’s net interest income grew by 38 per cent to Rs 238 crore during the same period, its net interest margin increased to 3.3 per cent from 2.7 per cent a year earlier.
The bank has provisioned for Rs 43.9 crore for non-performing assets (NPAs) and contingencies during this quarter with overall provision cover of 59 per cent against 70 per cent prescribed by the central bank.
