Public sector lender Vijaya Bank has reported a whopping 80.2 percent on year growth in third quarter profit at Rs 143.4 crore despite lower other income & operating income, driven by lower provisions.
Profit in corresponding period last fiscal stood at Rs 79.6 crore.
Net interest income, the difference between interest earned and interest expended, grew by 2.9 percent yera-on-year to Rs 1,187.1 crore in quarter ended December 2018
Asset quality weakened further during the quarter. Gross non-performing assets as a percentage of gross advances were higher at 6.14 percent against 5.86 percent in previous quarter and net NPAs also were higher at 4.08 percent against 3.81 percent QoQ.
Provisions and contingencies during the quarter fell by 2 percent sequentially and 15 percent year-on-year to Rs 577.5 crore.
Other income or non-interest income declined 18 percent to Rs 258 crore and operating profit dropped 1 percent to Rs 756.3 crore compared to year-ago.