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Vijaya Bank Q1 net up 54 pc

Our Bureau

BANGALORE, July 13

VIJAYA Bank, a premier nationalised bank, recorded a 54.7 per cent growth in its net profit during the first quarter of the current financial year. The higher net profit of Rs 40.77 crore as against Rs 26.74 crore of last year is significant as it has been achieved after making increased provisioning amounting to Rs 35.08 crore. The bank had made a provisioning of Rs 26.74 croe last year.

According to a bank release giving the details of the financial results for the first quarter ending June 30,2002, a decline in operating expenses from Rs 107.25 crore in 2001 to Rs 928.22 crore in June 2002 and a substantial incraese in the non-interest income from Rs 38.03 crore to Rs 53.83 crore also helped the bank achieve higher profit.

The improvement in profitability has resulted in improvement in profitability ratios.

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