ING Vysya Bank Q3 operating profit up 37%; YTD operating profit up 43%

Business Highlights

Total Deposits were Rs. 23,462 crores at the end of December 2009 up from Rs. 22,401 crores as at the end of December 2008. Current and Savings (CASA) deposits grew by a robust 30% to Rs. 7,564 crores from Rs. 5,819 crores in the same period. CASA ratio increased to 32.2% of total deposits as at the end of December 2009 as against 26.0% at the end of December 2008. Adjusting for certain large CASA deposits which flowed in towards the end of the period, CASA ratio was around 31.6% of total deposits.

Advances grew by over 9% to Rs. 17,515 crores at the end of December 2009 from Rs. 16,014 crores as at end December 2008. The Credit Deposit Ratio stood at 74.7% as at December 2009 as against 71.5% as at December 2008. The Gross NPA ratio and Net NPA ratio were at 2.68% and 1.67% respectively as at 31 December 2009 compared to 1.84% and 1.09% respectively as at 31 December 2008 and 2.57% and 1.78% as at 30 September 2009. Provision cover improved from 32% at the end of September 2009 to 40% as at 31 December 2009. We are yet to implement any adjustment which may be possible under the revised RBI guidelines.

The Capital Adequacy Ratio (CAR) of the Bank as at 31 December 2009 improved to 13.72% from 10.72%, as at 31 December 2008 (as per Basel-I). The CAR as per Basel-II stands at 14.47% with Tier 1 CAR at 9.8%.

Other Developments

The Bank converted 18 extension counters to branches during the quarter. As of 31 December 2009 the bank had 859 outlets comprising of 460 branches, 14 Extension Counters, 28 Satellite Offices and 357 ATMs. The Bank continued to upgrade its product offerings for its customers with ING Fortuna Wealth Management Services. This includes an online wealth platform enabling customers to have a single view of investments held across different asset classes and service providers, thus allowing easy access and analysis of the customer’s wealth portfolio. The bank offers a wealth product suite across wealth creation, preservation and enhancement. The bank also empanelled Morningstar for research and analysis of mutual products, which is shared with customers regularly. The bank also launched ING Loan against Commercial Property, allowing customers to unlock the value of their property. The ‘Jiyo Easy’ advertising campaign focused on increasing awareness of the brand across Television, Internet and Outdoor. The bank launched innovative branding campaigns with YouTube and Meru Cabs. The TV commercials depict how banking would be easy with ING. The films demonstrated the benefits of instant debit card replacement, automatic cheque book re-order and mobile banking.

The Bank contributed a total amount of Rs.66.00 lakhs towards flood relief in the States of Andhra Pradesh and Karnataka. Considering the dominant presence of the bank in both the States, the contribution amount was equally divided and presented to the respective Chief Ministers.


(This is a press release from ING Vysya Bank)