State-owned Vijaya Bank today reported a 39.3 per cent decline in net profit at Rs 135.84 crore for the fourth quarter ended March, 2014 due to mark-to- market provisioning.
The bank had posted a net profit of Rs 224.15 crore in the January-March quarter of 2012-13 fiscal.
Total income increased to Rs 3,029.34 crore in the January-March quarter, as against Rs 2,680.20 crore in the year-ago period.
"....Net profit declined by 39 per cent that is due to mark-to-market provisioning," Vijaya Bank Chairman and Managing Director V Kannan told reporters here.
"...Provisions for NPA was Rs 98.53 crore during the Q4 of 2013-14 against Rs 149.08 crore during the corresponding period last year, when it comes to standard assets and restructuring provisions we have provided Rs 95.68 crore against Rs 41.81 crore in the same period last year," he said.
"...For the entire year Mark to Market provision has been Rs 120 crore out of this in Q4 only the decline has been very severe so provision was Rs 70.81 crore. That is why the impact on Q4 figures is high," he added.
For the entire 2013-14, the net profit slipped by 28.8 per cent to Rs 416.91 crore, compared to Rs 585.61 crore in the previous fiscal.
However, the total income of last fiscal jumped to Rs 11,416.42 crore from Rs 9,658.88 crore in 2012-13.
Net Interest on Income (NII) stood at 526.37 crore in Q4 against Rs 517.23 crore in the same period last year and Net Interest Margin (NIM) was at 1.92 per cent against 2.21 per cent last year.
Vijaya Bank also pointed out that its yield on advances was at 11.10 per cent against 11.35 per cent in Q4 last year. The cost of deposit was at 8.05 per cent in the March ending quarter against 7.96 per cent in the year ago period.
As far as asset quality of the bank is concerned, gross NPAs as a percentage to total advances rose to 2.41 per cent from 2.17 per cent in the same quarter year ago.
Its net NPAs also increased to 1.55 per cent from 1.30 per cent at the end of March 2013.
Vijaya Bank said the total number of branches increased to 1,512 as on March 31 2014 and total number of ATMs are 1,528. The Bank opened 153 branches during the year, of which 60 were in semi urban areas and 58 in rural areas.
The total staff strength of Vijaya Bank as of March 31 this year stood at 12,822.
