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ING Groep N.V. Message Board

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  • jpomper jpomper Jul 20, 2011 11:13 AM Flag

    Info about 2Q Earnings?

    ING Vysya Q1 net profit up 36 pct at Rs 94 cr

    ING Vysya Bank has posted a net profit of Rs 940.2 million for the quarter ended June 30, 2011 as compared to Rs 690.8 million for the quarter ended June 30, 2010 representing increase of 36.10%.
    Total income has increased from Rs 7,120.5 million for the quarter ended June 30, 2010 to Rs 10,112.9 million for the quarter ended June 30, 2011, representing increase of 42.03
    Commenting on the results, managing director, Shailendra Bhandari said “We continue to perform on our ambition to deliver above market growth with better quality. Our focus on quality has enabled us to now have one of the best performing credit portfolios with among the highest provision cover in the market.”
    “Despite high interest rates, there are very few signs of stress on our asset portfolio. Our growth in profits has been equally driven by interest income and fee income. This is despite a tight monetary policy situation in the market which has led to a decline in NIM`s for most banks. We are however confident that with the measures we have taken our NIM will continue to consistently improve over the coming quarters.”
    Shares of the company gained Rs 3.8, or 1.1%, to settle at Rs 348.65. The total volume of shares traded was 16,100 at the Bombay Stock Exchange on Monday.

11.95-0.42(-3.40%)May 3 4:02 PMEDT