Vijaya Bank's Q2FY19 standalone net profit declines 24.54% yoy to Rs139.94cr: Misses Estimates

The bank’s standalone NII stood at Rs1,166cr, up 15.63% yoy, but down 3.37% qoq.

Oct 31, 2018 04:10 IST India Infoline Research Team

Vijaya Bank Q2FY19

Standalone Results Q2FY19: ( cr)

Q2FY19 YoY (%)
NII 1,166 15.6
GNPA (%) 5.9 [120]
Provisions 589 28.6
Net Profit (adjusted) 139.94 [24.5]
***GNPA change is bps
Vijaya Bank's NII for Q2FY19 has improved by 15.6% yoy to Rs1,166cr as against Rs1,008cr yoy. The bank has reported Q2FY19 net profit below our estimates at Rs140cr due to higher provisions, against a profit of Rs185cr reported in the corresponding quarter last year. Its GNPA for Q2FY19 stood at 5.86% against 6.19% qoq, a decline of 33bps. NNPA for the quarter came in at 3.81% against 4.1% qoq, indicating a decline of 29bps. 
  • Gross Advances up by 36.98% at Rs1.29lakh cr, whereas Gross Deposits up by 25.47% at Rs1.67lakhs cr
  • Operating Profit up by 3.39% at Rs759cr
  • Retail Credit up by 26.67% yoy and Housing loans portfolio up by 31.13% yoy
  • Provision Coverage Ratio improved to 62.65% from 59.29% yoy
  • CRAR (Basel III) at 13.56% from 13.31% yoy
  • CD Ratio improved from 70.52% to 76.98% yoy
  • NIMs for the quarter came at 2.85%
  • CASA ratio for the quarter came at 22.92% as against 27.03% yoy

Technical View:

Vijaya Bank is currently trading at Rs. 43.45, up by 2.85 points or 7.02% from its previous closing of Rs. 40.60 on the BSE.
The scrip opened at Rs. 41.40 and has touched a high and low of Rs. 44.40 and Rs. 41 respectively. So far 44,73,430 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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