Vijaya Bank Q2 profit falls 24 % to Rs 140 crore
Bengaluru: State-owned Vijaya Bank Monday reported 24.54 per cent fall in net profit at Rs 140 crore for the quarter ended September 30, 2018, "due to provisioning." The bank had registered a net profit of Rs 185.46 crore in the corresponding quarter last year.
Vijaya Bank MD and CEO R S Sankara Narayanan said, "The fall in net profit is due to provisioning. Having 65 to 70 per cent provisioning is healthy for any private or public sector."
"The bank is interested in quality or strength of its balance sheet, not in showing higher profits and paying tax, which is not viable proposal for any bank," Narayanan said.
Total income of the bank stood at Rs 3,931.36 crore for the reported quarter, up 12.28 per cent from Rs 3,501.31 crore in the year-ago period,