State Bank of Mysore Q3 profit dips 72% to Rs 27 cr

SBI associate State Bank of Mysore today reported a dip of 71.98 per cent in net profit at Rs 26.94 crore for the quarter ended December 31, on higher provisioning and employee cost.
The bank's net profit during the corresponding quarter in 2014-15 was Rs 96.16 crore.
Total income increased by a marginal 2.8 per cent to Rs 1,940.22 crore during the reported quarter from Rs 1,888.11 crore earned in the year ago period, the bank said in a BSE filing.
During the October-December quarter of 2015-16, the bank made provisioning and contingencies to the tune of Rs 253.91 crore as against Rs 135.99 crore in the previous fiscal.

The gross non-performing assets (NPAs) were at 5.48 per cent of the gross advances as of December 31, as against 5.09 per cent.
Net NPAs or bad loans stood at 3.12 per cent of net advances, slightly up from 3.11 per cent a year ago.

The bank said during nine months ended December, it paid Rs 166.72 crore on account of wage arrears related to November 2012 to March 2015 period.
Besides, the bank also provided Rs 12.88 crore against unhedged foreign currency exposure as on December 2015.
Shares of the South-India based lender closed 0.17 per cent lower at Rs 408 on BSE.