ING Vysya Bank Q2 net profit rises 2.2 per cent to Rs 180 cr

Private sector lender ING Vysya Bank's net profit rose by a marginal 2.2 per cent to Rs 180.1 crore in the second quarter ended September 30.

The bank's net profit stood at Rs 176.3 crore during the corresponding period in previous fiscal 2013-14.

Also, the bank informed that its MD and CEO Shailendra Bhandari has resigned from his position.

"...has informed BSE that Shailendra Bhandari, MD & CEO has submitted his resignation and the Board of Directors, at its meeting held October 28,2014 has approved his letter of resignation. Bhandari will continue to be in the office till January 31, 2015," it said.

Uday Sareen, Deputy CEO and Wholesale Banking Head has been appointed as the new MD & CEO.

The bank's total income increased by 16.1 per cent during July-September quarter to Rs 725.5 crore from Rs 625 crore in the same period a year ago.

Net Interest Income (NII) for the quarter increased by 12.8 per cent to Rs 496.9 crore from Rs 440.3 crore in the corresponding quarter of the previous year.

Net Interest Margin (NIM) was at 3.54 per cent compared to 3.46 per cent in the same quarter previous year.

"Provisions and contingencies were higher at Rs 49.7 crore from Rs 18.1 crore in the corresponding quarter of the previous year," it said.

Gross NPA (Non-Performing Assets or bad loans) and net NPA improved to 1.59 per cent and 0.42 per cent, respectively as at 30 September 2014 from 2.39 per cent and 0.87 per cent respectively as at 30 June 2014.