SBM Q4 profit down by 23% to Rs 105 crore

Higher provision for bad debts largely to iron and steel industry erodes bottom line

State Bank of Mysore reported a 23 per cent dip in fourth quarter profits to Rs 105 crore on higher provisions for bad debts largely to the iron and steel industry.

SBM, a Bengaluru-based bank, said total income grew by 1 per cent to Rs 2,076 crore in the quarter ending March, it said in a statement.

SBM had posted profit of Rs 136 crore and a total income of Rs 2,052 crore in the January to March quarter last year.

Operating profit, calculated as income less expenses stood at Rs 410 crore, less by 2 per cent over Rs 402 crore in the corresponding quarter last year.

The bank increased provisions by 15 per cent to Rs 306 crore due to bad debts, it said .

SBM closed Rs 6.20 or 1.57 per cent lower at Rs 389.30 on the Bombay Stock Exchange on Tuesday.