Bengaluru, July 22 (IANS) State-run Vijaya Bank Ltd on Saturday reported a Rs 255 crore net profit for the first quarter of fiscal 2017-18, registering a 57 per cent annual growth from Rs 162 crore in the same period a year ago.
Sequentially, net profit grew 25 per cent from Rs 204 crore a quarter ago.
Operating profit for the quarter under review (Q1) also zoomed 64 per cent annually to Rs 753 crore from Rs 459 crore in the like period a year ago but only 7 per cent sequentially from Rs 703 crore a quarter ago.
“Total income, however, grew 6.5 per cent yearly to Rs 3,510 crore in Q1 from Rs 3,295 crore in the same period year ago and was flat sequentially (0.14 per cent) from Rs 3,505 crore quarter ago,” said the bank in a statement here.
The bank’s provisioning for non-performing assets (NPAs) shot up 63 per cent annually to Rs.411 crore in Q1 from Rs 253 crore in the like period a year ago and 19 per cent sequentially from Rs 345 crore a quarter ago.
CASA deposits increased 30 per cent annually to Rs 36,318 crore, with Current Accounts forming Rs 7,998 crore and Saving Accounts Rs 28,320 crore during the quarter under review.
“Focus on assets quality resulted in net NPA declining marginally to 5.24 per cent from 5.42 per cent a year ago,” added the statement.