Bangalore: Vijaya Bank has 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 last year is significant as it has been achieved after making increased provisioning, amounting to Rs 35.08 crore.

The banks says for the first quarter ended 30 June 2002, a decline in operating expenses from Rs 107.25 crore in 2001 to Rs 928.22 crore in June 2002, and a substantial increase in the non-interest income from Rs 38.03 crore to Rs 53.83 crore, have also helped the bank achieve a higher profit.