Vijaya Bank has announced that the bank’s assets quality improved marginally for the quarter ended September 30, 2016 (Q2FY17) on sequential basis.
At 2:00 Pm, Vijaya Bank share price was trading at Rs. 44 with the rise of over 8%. So far over 67 lakhs shares have changed hands on the NSE trading counter.
Declaring the Q2 results, the Bank stated that its Gross non-performing assets (NPAs) as a percentage of total loans decreased to 7.07 per cent in Q2FY17 from 7.31 per cent in Q1FY17. Net NPA stood at 5.10 per cent against 5.42 per cent in previous quarter. At Q2FY16, gross NPA and Net NPA stood at 3.98 per cent and 2.84 per cent, respectively.
Vijaya Bank share price has hit a new 52-week high of Rs 46.70, up 16 per cent on NSE in intra-day trade after the Bank announced its Q2 results.
Vijaya Bank has posted 34.8 per cent year on year (YoY) rise in net profit at Rs 155 crores in Q2FY17, on back of higher other income. The bank had reported the profit of Rs 115 crores in the year ago quarter.
Net interest income (NII) which is the difference between interests earned and interest expended increased by 19 per cent Year on Year to Rs 828 crores. Other income doubled to Rs 388 crores from Rs 194 crore in previous year quarter. Analysts, on an average, had anticipated profit of Rs 116 crores on NII of Rs 566 crore.
Dynamic levels have recommended Vijaya Bank among top 500 performing stocks for the quarter from among a total of 1700 listed stocks. Vijaya Bank has been picked among top 500 stocks on the grounds of its strong fundamentals. This means that the stock is safe for investments. For the details on the levels of support and resistance of Vijaya Bank, visit Vijaya bank share price forecast page of the Dynamic Levels website.
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