SBM net soars six-fold

State Bank of Mysore (SBM), the Bangalore-based associate bank of the State Bank of India, reported around six-fold rise in its net profit at Rs 82.19 crore for the first quarter ended June 30, 2009, compared to the corresponding quarter last year. Operating profit for the period was higher by 36.02 per cent at Rs 173.96 crore compared to the year-ago period.The bank’s total income rose 22.86 per cent to Rs 978.79 crore in the quarter. Interest on advances registered an increase of 20.46 per cent to Rs 114.67 crore.

The rise in profits was mainly driven by rise in interest on advances, net interest income and other income during the quarter.