But, Central Bank posts 51% decline in profit.
Three banks — Syndicate Bank, Vijaya Bank and ING Vysya Bank — today reported a growth in net profit during the fourth quarter due to a rise in net interest income. Central Bank of India was the only one today to see its net profit fall 51 per cent due to a sharp rise in the cost of funds and high provisions. The bank’s net profit fell to Rs 62.51 crore for the fourth quarter as against Rs 127.20 crore a year ago.
Vijaya Bank’s profit grew about five times to Rs 102.25 crore from Rs 17.7 crore. Syndicate Bank reported 64.28 per cent growth in net profit at Rs 207 crore, while ING Vysya bank showed a 15 per cent growth at Rs 49.1 crore.
The net interest income (NII), a key indicator of financial performance, rose 16 per cent for ING Vysya (Rs 162.4 crore from Rs.140.5 crore) and 1.7 per cent for Syndicate Bank to Rs 571 crore in the quarter ended March 2009. For Central Bank, the NII fell to Rs 433.43 crore from Rs 509.4 crore a year ago.
ING Vysya Bank posted gross non-performing asset ratio and net NPA ratio at 1.86 per cent and 1.23 per cent respectively as on March 31, 2009 compared to 1.38 per cent and 0.70 per cent respectively a year ago.
Central Bank’s Gross NPA declined to Rs 2,316.55 crore (3.16 per cent) from Rs 2,349.84 crore (2.67 per cent). The net NPAs were almost flat at Rs 1,063.42 crore (1.24 per cent) as against Rs 1,060.01 crore as on March 2008 (1.45 per cent).
Vijaya Bank saw its gross NPA moving up 1.95 per cent from 1.60 per cent a year ago. While net NPAs went up to 0.82 per cent from 0.57 per cent in March 2008.
Syndicate’s Bank’s total income went up by 21 per cent to Rs 2,875 crore compared to the same period last year. During the quarter, the cost of deposits came down marginally to 6.92 per cent as against 6.97 per cent in the corresponding quarter. The net interest income, however, grew by 1.7 per cent to Rs 571 crore.
Central Bank’s total income rose to Rs 3,150.33 crore from Rs 2,598.92 crore a year ago. The net interest income fell to Rs 433.43 crore from Rs 509.4 crore in same quarter last year. The total income for the year rose to Rs 11,525.16 crore from Rs 8,786.61 crore in 2007-08.
