VIJAYA BANK PERFORMS WELL IN FY2010

VIJAYA BANK

PERFORMANCE REVIEW  
FY 2010 VS FY 2009

Vijaya Bank has performed well in FY10 compared to FY09.

Viaya Bank said that it has posted a net profit of Rs 507 crore for the fiscal ending March 2010, which is higher by 93.28 per cent.

The bank's business volumes also crossed the Rs 100,000- crore mark.

For 4th Q/E March 2010, the bank saw its net profit touch Rs 130.92 crore, up by 28 per cent.

The total business was up by 15 per cent at Rs 1,03,867 crore. NIM for the full fiscal stood at 2.54 per cent as against 2.04 per cent last year. NII for the year rose by 28.83 per cent.

Operating profit for the year increased to Rs 1,057 crore compared to Rs 899 crore for previous year.

The Bank has declared Dividend of  25 percent against 10 percent last year.

Deposits for the year was up by 13.56 per cent to Rs 61,932 core and gross advances went up by 16.89 per cent to Rs 41,935 crore. SB portfolio also crossed the Rs 10,000-crore mark with a year-on-year growth of 20 per cent.

For 4th quarter, its NIM improved from 2.29 per cent to 2.73 per cent on QOQ basis.

The Capital Adequacy Ratio has come down to 11.79 in FY 2010 from 13.08 last year.

The Basic EPS for current year has increased to 11.7 in FY 2010 from 6.05 last year.

The current Market price is Rs.53.65. The P/E ratio works out to  4.59, which leaves a huge scope for appreciation.

The gross NPA ratio for the year was at 2.37 per cent as against 1.95 per cent last fiscal and the net NPA ratio stood at 1.40 per cent as against 0.82 per cent.

The Return on Assets in current year has increased in current year to 0.76 from  0.59 in FY 2009.

The bank has targetted a business of Rs 1,26,000 crore with a year-on-year growth of 20 per cent in the current fiscal. It has planned to contain net NPA within one per cent and net interest margin to three per cent.

It plans to shift to retail mode, have less recourse on bulk business, ensure thrust on SB and high net worth individual clients for improving low cost deposit and is looking at adding close to 2,000 head counts, including 800 clerical staff.

ANNOUNCEMENTS BY VIJAYA BANK

30-04-2010        Vijaya Bank has informed the Exchange that at the meeting of the Board of Directors of the Bank held on April 30, 2010 recommended a dividend of Rs.2.50 per Share on Bank's Equity Share Capital and at 6% p.a. on Perpetual Non Cumulative Preference Share Capital (PNCPS) of the Bank payable to Government of India for the Financial Year 2009-2010.

30-04-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 121786 lacs for the quarter ending on 31-MAR-2010 against Rs. 136422 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 92886 lacs for the quarter ending on 31-MAR-2010 against Rs. 104317 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 13092 lacs for the quarter ending on 31-MAR-2010 against Rs. 10225 lacs for the quarter ending on 31-MAR-2009.

30-04-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 520065 lacs for the year ending on 31-MAR-2010 against Rs. 523782 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 375157 lacs for the year ending on 31-MAR-2010 against Rs. 411302 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 50729 lacs for the year ending on 31-MAR-2010 against Rs. 26248 lacs for the year ending on 31-MAR-2009.

RESULTS FOR FY 10 VS FY 09

Description :  FY 2010 (Rs. in lakhs)  :FY 2009 (Rs. in lakhs)

Interest on Advances/Bills  :383851: 382996

Income on Investments  : 128183 :   131641

Interest on Balances With RBI :  23  :  419

Others         :   8008       :  8726

Interest Earned        : 520065  : 523782

Other Income        :  67945      :  69881

Total Income         :  588010  :  593663

Interest Expended  :  375157  : 411302

Employees cost       :70562      : 59747

Other Operating Expenses: 36595  : 32723

Operating Expenses : 107157 : 92470

Total Expenditure :  482314  : 503772

Operating Profit :  105696  :  89891

Provisions  :   35582 : 35741

Profit(+)  before tax  :  70114  : 54150

Tax Expense  : 19385 : 27902

Net Profit(+)  after tax  : 50729 :       26248

Net Profit (+)  for the period : 50729 : 26248

Dividend (%) :       25 : 10

Face Value (in Rs.) : 10 : 10

Paid-up Equity : 43352 :  43352

Reserves : 188455  :  167289

Capital Adequacy Ratio : 11.79 :         13.08

Basic EPS (in Rs.)  :  11.7          :  6.05

Diluted EPS  (in Rs.) :  11.7 : 6.05

% of Gross/Net NPA        :  1.4 : 0.82

Return on Assets  : 0.76  :  0.59