Vijaya Bank Net Interest Income up 18% in First Quarter, Asset Quality Worsens
Vijaya Bank’s net interest income increased 18 percent to Rs 782 crore in the first quarter of financial year 2016-17.
Public sector lender Vijaya Bank saw net interest income grow 18 percent to Rs 782.6 crore in the first quarter from Rs 662.2 crore on a year-on-year basis, according to the the company’s filing on the Bombay Stock Exchange.
Profit rose 13.4 percent from the same quarter last year to Rs 161.7 crore, boosted by other income of Rs 235.5 crore.
The bank’s asset quality worsened further. Gross non-performing assets grew by 670 basis points to 7.31 percent from 6.64 percent in the same quarter last year. Net non-performing assets grew to 5.42 percent from 4.81 percent on a quarter-on-quarter basis.
The bank allocated Rs 267.8 crore for provisions in the April-June quarter which was 82 percent higher than Rs 146.8 crore in the previous quarter. The provision coverage ratio stood at 48.6 percent of total advances.
Shares of Vijaya Bank rose 4.2 percent on the BSE to Rs 43.3 per share after the results were announced.