SBM net up 87% to Rs 145 crore in Q2

Bangalore-based public sector lender State Bank of Mysore (SBM) on Wednesday reported a robust 87% rise in net profit at Rs 145.35 crore for the second quarter ended September 30, 2012 compared to the corresponding quarter last year.

In the year ago period, the bank had registered a net profit of Rs 77.78 crore.

The Bank’s total income for the quarter went up by 19.2% to Rs 1,609.55 crore compared to Rs 1,350.24 crore reported in the same period last year. The operating profit for the quarter rose 24% to Rs 326 crore as against Rs 263 crore in the same period last year.

 

The rise in profit is aided by a 19% jump in net interest income, which stood at Rs 472 crore during the September quarter. The bank’s provisions were lower by 53% at Rs 114 crore during the second quarter as against Rs 241 crore provided in the year ago period.

The bank’s return on assets improved to 0.96% during the second quarter as against 0.58% in the year ago period. The percentage of net non-performing assets went up marginally to 1.92% as against 1.82% in the year ago period.

The capital adequacy ratio under Basel-II declined to 11.84% as against 12.87% in the September quarter last year.

On Thursday, the bank’s shares were trading at Rs 506 on BSE, showing a rise of 1.67% over the previous day's close.