Ind: ING Vysya Bank posted a net loss of Rs 292 million for 2Q

Continuing with its poor performance streak, ING Vysya Bank, on the back of losses in its treasury income has reported losses for 2QFY05. The bank's core business has, however, shown improvement in the form of growth in net interest income. For 2QFY05, while the bank has reported a 7% rise in the topline, the bottomline has turned negative. Lower provisioning and a tax writeback has ensured that the bank's losses were limited in the September quarter.

(Rs m)	2QFY04	2QFY05	Change
Income from operations	2,210	2,358	6.7%
Other income	919	(457)
Interest expenses	1,619	1,431	-11.6%
Net interest income	592	927	56.7%
Other expenses	840	858	2.2%
Operating profit	(248)	69
Operating profit margin (%)	-11.2%	2.9%
Provisions and contingencies	359	86	-76.0%
Profit before tax	311	(475)
Tax	58	(183)
Profit after tax/(loss)	254	(292)
Net profit margin (%)	11.5%	-12.4%
No. of shares (m)	22.6	22.7
Diluted earnings per share*	44.9	-51.6

Further the Bank has informed that at their Board of Directors Meeting held on October 27, 2004 based on the projected growth plans, it was apprised that capital augmentation up to Rs. 3000 million before the end of the financial year 2004-2005 is considered necessary.

Let us hope that, bank will come out the dark phase which continued from March 2004 onwards..