SBM posts marginal dip in Q2 profits

State Bank of Mysore (SBM) registered a margial drop of 1.1 per cent in its net profit at Rs 90.16 crore for the second quarter ended September 30, 2008, compared to the corresponding quarter last year.

The net profit declined mainly on account of higher provisions and contingencies during the quarter which rose by 22.7 per cent to Rs 19.12 crore. The bank’s expenses also shot up by 26.5 per cent to Rs 717.36 crore compared to the same period last year.

The total income for the quarter, however, went up by 16.03 per cent to Rs 823.81 crore compared to the year-ago period.

 

The bank’s net interest income grew by 7.5 per cent to Rs 204.25 crore compared to the same quarter last year. SBM’s return on assets declined to 1.01 per cent compared to 1.27 per cent in the year-ago period.

Its earnings per share (not annualised) dropped to Rs 2.50 from Rs 2.53 in the same period last year. The capital adequacy ratio has marginally improved to 11.50 per cent from 11.12 per cent last year. The percentage of net non-performing assets has gone up to 0.62 per cent from 0.34 per cent in September 2007.