ING Vysya Bank Q4 net up 40% on healthy loans

Private lender ING Vysya Bank on Tuesday posted a 40% year-on-year rise in the net profit at Rs 127 crore for the quarter ended March, 2012 compared to R91 crore in the corresponding quarter last year helped by healthy growth in loans and decline in bad loans.

Private lender ING Vysya Bank on Tuesday posted a 40% year-on-year rise in the net profit at Rs 127 crore for the quarter ended March, 2012 compared to R91 crore in the corresponding quarter last year helped by healthy growth in loans and decline in bad loans.

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“We have grown gross advances at 22% and deposits at 17%,” said Shailendra Bhandari, MD, ING Vysya Bank.

Net interest income (interest earned less interest expended) for the quarter increased by 19% to Rs 319 crore from Rs 268 crore while other income increased by 15% to Rs 197 crore. The total income increased by 18% to Rs 516 crore. The net interest margins stood at 3.29% at the end of quarter ended March 2012.

Net profit of the bank for the year ended March 2012 increased by 43% to Rs 456 crore from Rs 319 crore last year