India-based ING Vysya has posted a net
profit of INR3.19bn ($71.9m) for the 12 months to 31 March, an
increase of 32% from the previous year.
ING Vysya’s net interest income increased
by 21% year-on-year to INR10.07bn, boosted by a 4 basis point
improvement in the net interest margin to 3.25%.
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Other positive metrics included a 44% fall
in provisions to INR1.52bn.
Total deposits increased by 16.7% to
INR301.9bn. Gross advances were 27.8% ahead at
INR240.6bn.
Low cost Current and Savings (CASA)
deposits grew by 24% to INR104.6bn. The key CASA ratio increased to
34.6% of total deposits as at the end of March 2011 as against
32.6% a year earlier.
Less positive was a 27% increase in
operating expenses to INR10.26bn.
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By GlobalDataING Vysya managing director Shailendra
Bhandari said:
“We have had a great year, where we have
achieved our targets of high quality and faster than market
growth.
“I am also pleased to state that as of
March 2011 have 510 branches [up from 468 outlets a year
ago].”
ING Vysya’s ATM network increased from 257
to 400 over the same period.
“The balance sheet
quality continues to improve dramatically with net NPA of 0.39%,
which is less than one third of the previous year. Our provision
cover of 83% is perhaps the best in the industry.”
Netherlands-based ING acquired a 44% stake
in and operating control of the lender in 2002.
