State Bank of Mysore net up 473% at Rs 82.19 crore

SBM Managing Director Dilip Mavinkurve  DH photo

The bank’s operating profit at the end of the reporting quarter at Rs 173.96 crore was higher by 36.02 per cent over that of the corresponding period of the previous year’s Rs 127.89 crore, according to a bank statement issued here.

Lower provisions
The bank’s high net profit for the reporting quarter has been mainly due to the provisions which has come down to Rs 39 crore in the current quarter from Rs 108 crore in the previous fiscal’s quarter.

The bank’s total income during the first quarter ended June 30, 2009 stood at Rs 978.79 crore as against Rs 796.90 crore in the previous fiscal’s same period quarter.  While interest on advances registered an increase of 20.46 per cent (Rs 114.67 crore), on the back of a growth in advances of 18.76 per cent, year-on-year, the interest paid on deposits too increased as a consequence of an rise in deposit levels of Rs 5,707 crore, year-on-year, and the upward movement of market interest rates on deposits accepted during the previous year, which are still continuing.

The bank’s net interest income grew by 16.88 per cent, other income by 35.20 per cent while provisions and contingencies were lower by 63.55 per cent, year-on-year. The bank’s aggregate deposits stood at Rs 33,551 crore recording a rise of Rs 5,707 crore year-on-year registering a growth of 20.50 per cent.  Total advances increased by Rs 4,273 crore over June 2008 to reach a level of Rs 26,181 crore, registering year-on-year growth of 19.50 per cent. While capital adequacy ratio stood at 12.66 per cent, gross NPA ratio declined to 1.47 per cent from 1.66 per cent of previous fiscal.

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