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Vijaya Bank Q1 net down 71 p.c.
BANGALORE:
The net profit of Vijaya Bank has dropped by 71.7 per cent during the first quarter of the current fiscal to Rs. 27.56 crore from Rs. 97.55 crore a year ago as diminution in the value of investments transferred from the Available for Sale (AFS) to held-to-maturity (HTM) category, amortisation loss on investments and wage arrears took its toll on the public sector bank. The bank took a hit of Rs. 210.09 crore as depreciation while transferring investments worth Rs. 4,700 crore from AFS to HTM categoryTotal business of the bank rose by 17.4 per cent to Rs. 39,029 crore from Rs. 33,251 crore a year ago.
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