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Vijaya Bank pays 10 p.c.
BANGALORE:
Vijaya Bank has taken a knocking this year with its operating profit and net profit coming down. The operating profit is Rs. 718.23 crore for 2005-06 against Rs. 799.80 crore in the previous year and the net profit is Rs. 126.88 crore against Rs. 380.57 crore. The bank has declared a dividend of 10 per cent. The Chairman and Managing Director, Prakash P. Mallya told presspersons here that the lower profit had been due to dip in net interest margin from 3.56 per cent to 3.20 per cent. The merger of Vijaya Bank Housing Finance has added to the non-performing assets. Mr. Mallya said the bank would increase the Prime Lending Late from May 10 by 20 basis points (going up from 11 per cent to 11.25 per cent). However, he added, that the bank would effect a turnaround soon from the bad quarter it has had.
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