ING Vysya Bank, private sector lender, on July 21 posted a net profit of Rs 40.63 crore for the first quarter ended June 30, 2008, a 60 per cent jump over the same quarter a year ago. The bank had a net profit of Rs 25.32 crore for the quarter ended 30 June 2007, ING Vysya Bank said in a release.
Bangalore-based bank''s total income rose by 51 per cent to Rs 285 crore for the latest quarter, from Rs 189 crore in the year-ago period.The board also approved the appointment of former SEBI Chairman M Damodaran as non-executive and non- independent Director of the bank.Net Interest Income (NII) for the quarter increased by 52 per cent to Rs 157.97 crore against Rs 103.84 crore in the corresponding quarter a year ago.
However, provision and contingencies increased to Rs 41.43 crore from Rs 15.89 crore, due to higher risk costs and depreciation in the banks investment portfolio.As on June 30, the Capital Adequacy Ratio stood at 10.38 per cent. Deposits grew by 24 per cent to Rs 20,381 crore as at the end of June 2008 from Rs 16,487 crore as at end of June 2007. Advances increased by 22 per cent to Rs 14,433 crore at the end of first quarter against Rs 11,810 crore same quarter last year.
Bangalore-based bank''s total income rose by 51 per cent to Rs 285 crore for the latest quarter, from Rs 189 crore in the year-ago period.The board also approved the appointment of former SEBI Chairman M Damodaran as non-executive and non- independent Director of the bank.Net Interest Income (NII) for the quarter increased by 52 per cent to Rs 157.97 crore against Rs 103.84 crore in the corresponding quarter a year ago.
However, provision and contingencies increased to Rs 41.43 crore from Rs 15.89 crore, due to higher risk costs and depreciation in the banks investment portfolio.As on June 30, the Capital Adequacy Ratio stood at 10.38 per cent. Deposits grew by 24 per cent to Rs 20,381 crore as at the end of June 2008 from Rs 16,487 crore as at end of June 2007. Advances increased by 22 per cent to Rs 14,433 crore at the end of first quarter against Rs 11,810 crore same quarter last year.
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