SBM Q3 net jumps 157% to Rs 182 cr
State Bank of Mysore, the Bangalore-based public sector bank, has reported a 2.5 times growth in its third quarter net profit to Rs 182.5 crore as against Rs 70.9 crore. It was aided by a Rs 36-crore writeback from floating provisions and good treasury income.
The bank’s total income during the period registered an year-on-year growth of 27.6 per cent to Rs 2,671.44 crore, while operating profit stands at Rs 237.8 crore, an increase of 71.8 per cent.
Net interest income has moved up by 44 per cent to Rs 877 crore in the third quarter. Gross NPAs for the period declined from 1.83 per cent on December 31, 2007, to 1.55 per cent at Rs 394 crore, while net NPA ratio stands at 0.62 per cent.
Total bank deposits registered an annualised growth of 17.80 per cent to Rs 31,129 crore. Personal segment deposits accounted for 46.73 per cent of the deposits as on December 2008.
The total advances of the bank stood at Rs 25,117 crore, an annualised growth of 23.78 per cent.