Vijaya Bank has entered into an agreement with The India SME Asset Reconstruction Company (ISARC), a SIDBI subsidiary to act as a resolution-cum- enforcement agent for the state-owned bank for its non-performing assets. ISARC is registered by RBI as an asset reconstruction company to carry out the business of securitization or asset reconstruction as per SARFAESI Act 2002.
Vijaya Bank offers various products and services specific to various segments such as it has saving accounts for children, scheme for women clientele, credit facilities to minority communities like Zoroastrians, Buddhists are among others.
The bank has registered a jump of 54.20% in its net profit at Rs 111.36 crore for first quarter ended June 30, 2012 as compared to Rs 72.22 crore for the same quarter in the previous year. Total income of the bank has increased by 18.76% at Rs 2319.94 crore for Q1FY13 as compared Rs 1953.40 crore for the corresponding quarter previous year.
Gross non-performing assets (NPAs) rose to 1.67% in the April-June quarter as against 1.65% in the same quarter previous year while net NPAs increased to 0.45%.
