State Bank of Mysore (SBM), the Bangalore-based associate bank of State Bank of India, today reported close to six times rise in its net profit at Rs 82.19 crore for the first quarter ended June 30, 2009 compared to the corresponding quarter last year. The operating profit for the period was higher by 36.02 per cent at Rs 173.96 crore compared to the year ago period.

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The total income for the quarter rose by 22.86 per cent to Rs 978.79 crore as against the same period last year. Interest on advances registered an increase of 20.46 per cent to Rs 114.67 crore.

The rise in profits was mainly driven by the increased interest on advances, net interest income and other income during the quarter.

Interest paid on deposits also increased as a consequence of an increase 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 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.

Provision on taxes is higher by Rs 46.80 crore as compared to the level of provision for income tax/ fringe benefit tax/ wealth tax for the corresponding period of the previous year, in the backdrop of higher operating profit.

Capital Adequacy Ratio is at a healthy level of 12.66 per cent, under Basel-II guidelines. Return on assets and earning per share were higher at 0.80 per cent and Rs 22.80 respectively over June 2008 period. The effect of splitting of share is taken into consideration as at June 30, 2008. Gross NPA ratio declined to 1.47 per cent as on June 30 2009 from 1.66 per cent in the year ago period.

The aggregate deposits of the Bank reached a level of Rs 33,551 crore registering a growth rate of 20.50 per cent.  Total advances also increased by Rs 4,273 crore over June 08 and reached a level of Rs 26,181 crore, registering a YOY growth rate of 19.50 per cent.

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