ING Vysya Bank

Like Axis Bank, this private sector Hinduja group bank announced its numbers after market closure. And its numbers were also not very good. Its net profit for the quarter declined 18%  (YoY) at Rs.143 crore  and operating profit also fell albeit less sharper, down 4% at Rs 314 crore.  The dip in the net profit was mainly on account of higher provisioning – it was up 48% (YoY) and a whopping 148% sequentially at Rs.101 crore. NIM for the quarter was marginally down from 3.56% to 3.52% (YoY).

More worrying was the fall in the asset quality. Gross NPA, sequentially rose from 1.77% to 2.39% and net NPA jumped up from 0.28% to 0.87%. During the quarter, a mid-sized company restructured under CDR was declared NPA and another company, large account, also became a NPA and later sold off. The standard funded restructured assets reduced from 1.59% to 1.33% (of which 93% is under CDR). During the quarter, the Bank also made provision for exposures to entities with Unhedged Foreign Currency Exposures as per RBI guidelines.