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ING Vysya Bank: Cutting corners
Aug 22, 2006

After several quarters of muted performance, ING Vysya Bank reported an impressive growth in profitability in 1QFY07, on the back of higher net interest margins and lower tax incidence. The sloppy growth in advances, no improvement in fee income and callousness towards provisioning, however paint a grim picture.

Rs (m) 1QFY06 1QFY07 Change
Income from operations 2,891 3,212 11.1%
Other Income 422 429 1.6%
Interest Expense 1,872 1,982 5.9%
Net Interest Income 1,019 1,230 20.6%
Net interest margin (%) 3.0% 3.2%  
Other Expense 1,085 1,237 14.0%
Provisions and contingencies 187 191 2.1%
Profit before tax 169 231 36.2%
Tax 78 83 6.4%
Profit after tax/ (loss) 91 148 61.6%
Net profit margin (%) 3.2% 4.6%  
No. of shares (m) 90.7 91.1  
Diluted earnings per share (Rs)* 4.0 6.5  
P/E (x)   20.4  

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