Continuing with its poor performance streak, ING Vysya Bank, on the back of losses in its treasury income has reported losses for 2QFY05. The bank's core business has, however, shown improvement in the form of growth in net interest income. For 2QFY05, while the bank has reported a 7% rise in the topline, the bottomline has turned negative. Lower provisioning and a tax writeback has ensured that the bank's losses were limited in the September quarter.
Income from operations
Net interest income
Operating profit margin (%)
Provisions and contingencies
Profit before tax
Profit after tax/(loss)
Net profit margin (%)
No. of shares (m)
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The stock is currently trading at Rs 288. The bank's overall performance in FY04 was disappointing and this has continued in FY05 also. We will put up a detailed analysis as soon as there is further clarity on the numbers.
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