Vijaya Bank net profit dips 58%

Vijaya Bank, the Bangalore-headquartered public sector lender, recorded a drop of of 58.4 per cent in net profit at Rs 72.22 crore for the first quarter of 2011-12 from Rs 173.48 crore during first quarter of 2010-11. Chairman and managing director H S Upendra Kamath said the bank had to provision Rs 154.2 crore towards bad loans, of which Rs 108.3 crore is due to rise in the minimum provisioning requirement.