SBM net up 25 percent in Q1

State-run State Bank of Mysore (SBM) on Thursday reported Rs.94 crore net profit for first quarter of 2015-16 as against Rs.75 crore in the same period of 2014-15, registering 25 percent increase.

In a regulatory filing to the Bombay Stock Exchange, the city-based bank said its total income for Q1 increased marginally 4.5 percent to Rs.1,952 crore from Rs.1,868 crore in same period last fiscal.

Sequentially, net profit, however, declined 31 percent from Rs.1,346 crore and total income 4.8 percent from Rs.2,051 crore posted in the last quarter of 2014-15.

Operating profit declined 11 percent to Rs.270 crore from Rs.303 crore and 33 percent sequentially from Rs.402 crore last quarter.

Provisioning for Q1 at Rs.132 crore was 33 percent less than Rs.198 crore last fiscal and 29 percent lower from Rs.185 crore last quarter.

Gross non-performing assets (NPA) declined 11 percent to Rs.2,214 crore from Rs.2,490 crore last fiscal but marginally up 3.7 percent from Rs.2,136 crore last quarter.

Similarly, net NPA declined 16 percent to Rs.1,077 crore from Rs.1,282 crore last fiscal and four percent from Rs.1,123 crore last quarter.