ING Vysya Bank reports 36% rise in its Q1 net profit

Private lender ING Vysya Bank has reported unaudited results for the first quarter ended June 30, 2011.

The company’s profit for the quarter ended June 30, 2011 has increased by 36.10% at Rs 94.02 crore as compared to Rs 69.08 crore for the corresponding quarter last year. Its total income has increased by 42.03% at Rs 1011.29 crore for the quarter under review from Rs 712.05 crore for the same quarter last year.

Earlier in June, the bank raised Rs 513.14 crore through qualified institutional placement (QIP) to augment its capital adequacy ratio and fund future growth. The bank has raised the fund through issuance of 1.5 crore shares to qualified institutional buyers at Rs 341.09 per share, including a premium of Rs 332.09 per equity share.