ING Vysya Q1 net profit up 62%

ING Vysya Bank has announced the unaudited results for the first quarter ended June 30. The bank has posted a net profit of Rs 14.79 crore for the quarter (Q1 FY07), up 62 per cent compared with a net profit of Rs 9.15 crore in the previous comparable period.

Total income has increased 9.87 per cent to Rs 364.07 crore (Rs 331.34 crore). Operating profit at Rs 42 crore grew by about 18 per cent (Rs 35.67 crore).

Capital adequacy ratio (CAR) in the quarter has came down to 10.9 per cent from 11.9 per cent reported during the corresponding quarter of the previous year.

Total deposits of the bank as on June 30, 2006, stood at Rs 13,136 crore (Rs 12,606 crore). During the first quarter, the low-cost current and savings account deposits of the bank rose by 28.39 per cent to Rs 3,763 crore, up from Rs 2,931 crore in the corresponding quarter previous fiscal.

The net non-performing assets to net advances ratio improved to 1.78 per cent as on June 30, 2006, from 2.03 per cent as on June 30, 2005.

During the quarter, the bank opened two new branches, one in Sambalpur (Orissa) and the other in Jodhpur (Rajasthan).

As of June 30, 2006, the total assets of the bank stood at Rs 16,670 crore compared with Rs 15,696 crore as on June 30, 2005.

Announcing the results, Vaughn Richtor, managing director of the bank, said, "We are concentrating our efforts on profitable growth and the first quarter results show we are on the right track."