State-owned Vijaya Bank on Wednesday 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 Rs230.28 crore in the same quarter a year ago.
The bank’s total income also declined 7.09% to Rs3,450.81 crore in the quarter from Rs3,714.37 crore a year ago, Vijaya Bank said in a BSE filing.
During the quarter, Vijaya Bank’s provision (other than tax) and contingencies grew by 62.35% to Rs676.92 crore as against Rs416.95 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.
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