State Bank of Mysore (SBM) reported 6.46 per cent rise in net profit to Rs 83.98 crore for the fourth quarter-ended March 31, compared with the corresponding period last fiscal. | |
| The bank's operating profit, however, went up by a substantial 66.57 per cent to Rs 164.96 crore during the quarter. Net profit did not keep pace as there was a tax provision of Rs 27 crore, compared with a write back of Rs 9.9 crore in the corresponding quarter. |
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| The bank's total income for the fourth quarter went up by 43.22 per cent to Rs 652.16 crore compared with the corresponding period of previous fiscal. |
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| For the year-ending March 31, SBM registered a growth of 15 per cent in its net profit to Rs 249.23 crore over the previous year. Total income for the year-ending March 31 stood at Rs 2,126.71 crore, a growth of 26.40 per cent compared with the fiscal ending March 31, 2006. |
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| Return on assets declined to 1.10 per cent for year-ending March 31, compared with 1.23 per cent over the previous year. |
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| This has been attributed to the pressure on rates and net interest margin owing to competition. The net interest margin slipped to 3.28 per cent against 3.59 per cent in the last fiscal year. |
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| During the year, the net interest income of the bank increased 16.55 per cent to Rs 712.88 crore. Non-interest income excluding treasury grew 15.08 per cent to Rs 36.95 crore. |
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| SBM managing director P P Pattanayak told the media, "Higher commission and exchange earnings on non-fund business and on foreign exchange transactions have contributed to this growth." |
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