ING Vysya Bank registers Rs 20-cr loss in Q1
By Our Banking Bureau | 22 Jul 2004
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Bangalore: ING Vysya Bank has reported a loss of Rs 20.04 crore in the first quarter of this fiscal, against the profit of Rs 33 crore in the first quarter of the last financial year.
The bank has reported a loss despite making an operating profit of Rs 50 crore in the first quarter this year. This profit was however lower than the operating profit of Rs 90.42 crore earned during the corresponding period of last year. The reduced operating profit was partly due to the drop in other income, which included treasury.
Other income fell to Rs 50.93 crore (Rs 106.30 crore). The bank has reported a lower total income of Rs 297 crore (Rs 340 crore). Interest income was higher at Rs 246.11 crore (Rs 233.86 crore).
The net losses also stemmed from the accelerated provisioning made by the bank. The bank more than doubled the provisions on non-performing assets to Rs 84.34 crore during the first quarter this year.
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