Low provisioning boosts SBM profit

CORPORATE SCORECARD

Riding on higher interest income on account of robust growth in advances and lower provisioning towards non performing assets and contingencies, the State Bank of Mysore (SBM) has registered a 43.11 per cent rise in its net profit at Rs 72.84 crore during the first quarter ended June 30, 2007.

Operating profit stood at Rs 117.61 crore, a growth of 14.74 per cent over the corresponding period of previous fiscal year. The bank's interest on advances went up by an impressive 62.48 per cent to Rs 167.50 crore year on year, on the back of a robust growth in advances of over 36 per cent year on year.