Bangalore-based public sector lender State Bank of Mysore (SBM) on Thursday reported a 31.2 per cent rise in net profit at Rs 52.2 crore for the first quarter ended June 30, compared to Rs 39.7 crore in the corresponding quarter of the previous year. The total income increased marginally by 5.4 per cent to Rs 1,652.6 crore as against Rs 1,566.7 crore.
The rise in profits was mainly due to lower provisions towards non-performing assets, as well as a marginal rise in net interest income. The provisions towards NPAs were Rs 140.5 crore, against Rs 196.9 crore in the year ago period, a decline of 28.6 per cent.
The net interest income stood at Rs 457.7 crore, against Rs 439 crore, showing a rise of 4.2 per cent. The operating profit for the period was down at Rs 283.8 crore, compared to Rs 298.5 crore, a decline of 4.9 per cent.
