State Bank of Mysore Q2 net jumps 30% at Rs 132 crore

State Bank of Mysore Q2 net jumps 30% at Rs 132 crore

State Bank of Mysore today reported 30 per cent jump in net profit to Rs 131.98 crore for the July-September quarter on the back of fall in NPAs as well as lower provisioning for bad loans and contingencies.

The bank had posted a net profit of Rs 101.90 crore for the July-September quarter of 2014-15 fiscal.

Total income of the bank during the quarter under review increased to Rs 1,969.96 crore from Rs 1,900.52 crore in the year-ago period, it said in a BSE filing.

Provisioning was lower at Rs 116.40 crore during the quarter under review than Rs 216.56 crore in the year-ago period.

On asset-quality front, gross NPAs or bad loans were 4.19 per cent of gross advances as of September 30, 2015, as against 5.07 per cent in the same period a year ago.

Net NPAs too improved as their percentage as net advances were 2.22 per cent during the second quarter, down from 2.94 per cent a year earlier.

Shares of the bank today closed at Rs 426.75 apiece on BSE, down 0.52 per cent from previous close.

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