SBM Q1 net down 11.9%

The net profit of State Bank of Mysore fell 11.9 per cent from Rs 53.02 crore in Q1 'FY 05 to Rs 41.71 crore for Q1 FY06. The total income increased by 13.66 per cent to Rs 415.77 crore for Q1 FY06 from Rs 365.79 reported in Q1 FY05.

According to SBM, the dip in net profit for the current quarter is mainly on account of a provision of Rs 41.13 crore made on transfer of securities from 'available for sale' to 'hold to maturity' category and also making a provision of Rs 7.45 crore towards the interest concession to the coffee sector.

The cost of deposits has declined to 4.75 per cent in June '05 as against 5.16 per cent in June '04.

The total advances of the bank stood at Rs 9,367 crore registering a growth of Rs 242 crore (10.61 annualised) over March, 2005.

The net NPA has fallen to 1.06 per cent in Q1 FY06 as against 2.39 per cent in Q1 FY05.