State Bank of Mysore Q3 net up 13% to Rs 96 crore

Total income rises 9.1%, operating profit up 12.7%

Bengaluru-based public sector lender State Bank of Mysore (SBM) today reported a 13% rise net profit at Rs 96 crore for the third quarter ended 31 December, 2014 compared to Rs 85 crore in the corresponding quarter last year.

The total income of the bank increased 9.1% to Rs 1,888 crore compared to Rs 1,730 crore in the same quarter last fiscal.

The operating profit has also increased 12.7% to Rs 278.48 crore compared to Rs 247 crore in the year-ago quarter.

The rise in profit was aided by a 6.6% growth in net interest income at Rs 493 crore as against Rs 462 crore in December quarter of 2013-14. Lower provisions towards non-performing assets also helped the bank.

SBM has provided Rs 101 crore towards NPAs, a decline of 31.7% over the corresponding quarter, when it had provided Rs 148 crore.

SBM's capital adequacy ratio during the third quarter improved to 11.65% from 11.19% under Basel-III norms. Its return on assets marginally improved to 0.51% from 0.49%.

The bank has reduced its net NPAs to 3.11% from 4.21% in the year ago quarter.

The provision coverage ratio to gross non-performing assets of the bank as on December 2014 stood at 62.08%.

The bank's stock was trading at Rs 573.40 per share, down 1.30% during the intra-day trade on BSE.