Vijaya Bank Q3

Vijaya Bank reported a 91.1% drop in net profit at Rs 11.39 Cr for the October- December quarter due to higher provisioning for bad loans and rise in operating expenses. The Bangalore-based public sector lender had posted a net profit of Rs 126.73 Cr for the same quarter of last fiscal. The bank’s total income in the third quarter ended December 31, 2013, increased to Rs 2,874.60 Cr, from Rs 2,357.05 Cr in the year-ago period, the bank said. Provisions other than tax and contingencies during the quarter increased to Rs 159.41 Cr against Rs 102.72 Cr in the same period of last fiscal. At the same time, operating expense of the bank rose to Rs 456.39 Cr during the quarter compared to Rs 319.18 Cr. As of December 31, the bank’s portfolio quality improved, with gross NPAs rising to 2.67% of gross advances against 2.91% a year ago. Its net NPAs during the third quarter declined to 1.57%, from 1.71% in the period a year earlier. During the three quarters (April-December) of 2013-14, the bank’s net profit declined by 22% to Rs 280.07 Cr against Rs 361.46 Cr in same period of 2012-13. Its total income rose to Rs 8,387.03 Cr for the nine months, from Rs 6,978.68 Cr in the year-ago period.