Shares of Vijaya Bank gained as much as 10.18% to Rs97.40 per share, a seven-year high, as its net profit doubled for the fourth quarter on lower provision and higher other income.
The Vijaya Bank shares, however, pared early gains and closed 4.36% higher at Rs92.25.
Net interest income (NII), or the core income a bank earns by giving loans, increased 48.05% to Rs989.49 crore from Rs668.35 crore last year. Other income increased to Rs450.16 crore from Rs272.89 crore in the same period last year, a rise of 64.96%.
Gross non-performing assets (NPAs) dropped 23.15% to Rs6,381.78 crore at the end of the March quarter from Rs8,304.60 crore in the December quarter. On year-on-year basis, it jumped 26.95% from Rs5,027.07 crore.
Provisions and contingencies rose 3.62% to Rs432.06 crore in the quarter from Rs416.95 crore a quarter ago. On a year-on-year basis, it dropped 33.86% from Rs553.27 crore.
As a percentage of total loans, gross NPAs rose to 6.59% at the end of the March quarter from 6.98% in the previous quarter and 6.64% in the year-ago quarter.
Net NPAs rose to 4.35% in the March quarter from 4.74% in the previous quarter and 4.81% in the same quarter last year.
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