VIRGINIA HERITAGE BK VA  (OTC:VGBK) stated that the net income after tax during the 3rd quarter of the F.Y 2011 amounted to $1.5 million, more comparison to $1.0 million earned for the same period in the F.Y 2010. The increase in net income was due to the increase in income generated from the net interest which interpreted a strong growth in the company’s balance sheet

The basic and diluted EPS of the company during the 3rd quarter for the F.Y 2011 was $0.35 per share and $0.34 per share, more in comparison to $0.27 per share (basic and diluted) during the 3rd quarter in the previous year.

The company’s PAT till the September ending in the F.Y 2011 went down to $3.4 million in comparison from $4.3 million for the same period in the previous year. The company earned high after tax earnings in the F.Y 2010 because it realized the one-time deferred income tax benefit of $2.2 million earned in the 1st quarter of F.Y 2010.

PBT till the September ending rose to $5.2 million from $3.3 million earned in the same period in 2010. The company’s basic and diluted net income after tax till September 2011 amounted to $0.79 per share less in comparison to $1.14 per share earned for the same period in the previous year.

The Bank as on 30th September 2011 ,recorded a substantial increase of $550 million in its total asset, which represented an increase of $118 million in comparison to total assets  recorded during the same period in the previous year. The bank’s gross loan after deducting loans held for sale amounted to $412 million, which was about $45 million more in comparison with total gross loan during the September end in the previous year. Total deposits as on 30th Sept.2011 amounted to $471 million more in comparison to $362 million recorded during the same period in the previous year.

The company’s Non-performing assets, which included other real estate owned, as a percentage of total assets, went down to 0.23% from 0.62% atSeptember 30, 2010.

Shares of VGBK traded flat at $9.00.


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