State Bank of Mysore gains after strong Q3 earnings

The bank announced Q3 results after market hours on Monday, 28 January 2013.

Meanwhile, the BSE Sensex was down 68.30 points or 0.34% at 20,035.05.

On BSE, 1,567 shares were traded in the counter as against average daily volume of 9,148 shares in the past one quarter.

The stock hit a high of Rs 703.25 and a low of Rs 693.35 so far during the day. The stock had hit a 52-week high of Rs 774.40 on 2 January 2013. The stock had hit a 52-week low of Rs 440 on 1 June 2012.

The stock had outperformed the market over the past one month till 28 January 2013, gaining 3.72% compared with the Sensex's 3.39% rise. The scrip had also outperformed the market in past one quarter, jumping 40.25% as against Sensex's 7.94% surge.

The mid-cap bank has equity capital of Rs 46.80 crore. Face value per share is Rs 10.

State Bank of Mysore's ratio of gross non-performing assets (NPA) to gross advances stood at 3.99% as on 31 December 2012, lower than 4.33% as on 30 September 2012 but higher than 3.67% as on 31 December 2011. The ratio of net NPA to net advances stood at 1.95% as on 31 December 2012, higher than 1.92% as on 30 September 2012 and 1.73% as on 31 December 2011.

The bank's provisions and contingencies for non-performing assets declined 45.4% to Rs 58.85 crore in Q3 December 2012 over Q3 December 2011.

State Bank of Mysore's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 11.04% as on 31 December 2012, lower than 11.84% as on 30 September 2012 and 12.81% as on 31 December 2011.

State Bank of Mysore is a subsidiary of State Bank of India (SBI), India's biggest commercial bank in terms of branch network. SBI holds 92.33% stake in State Bank of Mysore (as per the shareholding pattern as on 31 December 2012).

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