SBM Q4 net up 2.4 times

A big gain in net interest income pushed up the net profit of Bangalore-based public sector lender State Bank of Mysore (SBM), an associate bank of State Bank of India (SBI), for the fourth quarter ended March. For the quarter, the lender reported a 2.4 times rise in net profit at Rs 123.6 crore compared with the corresponding quarter last year. The operating profit for the quarter rose 60.4 per cent to Rs 290.9 crore.

Total income was flat at Rs 1,052.3 crore during the fourth quarter compared with Rs 1,056.2 crore in the year-ago period. Other income dropped by 23.5 per cent to Rs 133.8 crore. Its net interest income jumped 81.5 per cent to Rs 373.2 crore during the March quarter. Interest income during the quarter registered a year-on-year growth of 4.2 per cent to Rs 918.4 crore.

 

For the full year (2009-10), the bank reported a net profit of Rs 445.77 crore, up 32.3 per cent over the previous year.