Bangalore-headquartered public sector Vijaya Bank has posted a 21 per cent rise in net profit to Rs 173 crore for the quarter ended June on the back of falling cost of deposit and higher core earnings. Total income rose 3.8 per cent to Rs 1,520.20 crore from Rs 1,463.42 crore in the same period last year.
“Our core earnings continue to show improvement, notwithstanding a somewhat slackened pace of business in the first quarter,” Chairman and Managing Director Albert Tauro said. Operating profit rose 49.8 per cent to Rs 314.26 crore from Rs 209.77 crore a year earlier.
Net interest income grew close to 48 per cent to Rs 405 crore, as cost of deposit fell to 5.54 per cent as compared to 6.82 per cent last year.
