News: ING Vysya Bank reports 61.63% rise in net profit

(ACERC 14/07/2006) Mumbai - Bangalore-based ING Vysya Bank Ltd posted a 61.63 per cent increase in its net profit of Rs 14.79 crore for the quarter ended June 30, 2006, as compared to Rs 9.15 crore in the corresponding period last fiscal.

Total income recorded 9.87 per cent rise at Rs 364.07 crore for the first quarter of the current fiscal as against Rs 331.34 crore in the same period year ago, the private bank informed the stock exchanges. The board of directors has appointed Richard Cox as additional director with effect from July 13, 2006 at its meeting. The board has also accepted the resignation of Luc Vandewalle from the board. The bank has recently entered into an understanding with Royal Sundaram Alliance Insurance Company Ltd for distribution of general insurance products.

The bank would distribute health, personal accident, motor, travel and home insurance products through its' extensive branch network and further increase insurance penetration in the SME (small and medium enterprise) and rural segments. ING Vysya Bank Ltd is an entity formed with the coming together of erstwhile, Vysya Bank Ltd and a global financial powerhouse, ING of Dutch origin, during Oct 2002.