A recent press report said that ING Vysya has recorded that the net profit of this fiscal year has been raised up to 53 per cent of Rs.115.4 crore through higher net interest income and sound asset quality.
Mr. Jayant Mehrotra, CFO, ING Vysya bank said that although the margins were under pressure, the profit after tax has been raised. He also added that they yielded profit with lower risk as there is less provisioning in the Non performing asset (NPA) he said that there will be some impact in the future.
The provisioning has been reduced to 75 per cent compared to the previous year. The bank has recovered Rs.9 crore that helps them to reduce the NPA levels. Bank’s other income was down. The bank has upheld its net interest margins compared to last year at 3.35 per cent.
ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The bank offers home loan, home equity loan, personal loans, loan against security, NRI loans, educational loans etc.