State-owned Vijaya Bank reported a 65.45% decline in net profit at Rs79.56 Crore for the third quarter ended on 31 December 2017, due to rise in provisions. The bank had posted a net profit of Rs 230.28 crore in the same quarter a year ago.
The bank’s total income also declined 7.09% to Rs 3,450.81 crore in the quarter from Rs 3,714.37 crore a year ago, Vijaya Bank said at a press conference in Bengaluru.
During the quarter, Vijaya Bank’s provision (other than tax) and contingencies grew by 62.35% to Rs 676.92 crore as against Rs 416.95 crore in the year-ago period.The bank’s gross non-performing assets (NPAs) improved marginally to 6.17% as against 6.98% in the same quarter last fiscal. Net NPA’s also came down to 3.99% in the quarter under review compared to 4.74% a year ago.