State Bank of Mysore (SBM), an associate bank of SBI, today posted a loss of Rs 183.5 crore for the second quarter ended September 30, 2016 as bad loans surged almost three times.
The bank had posted a net profit of Rs 131.98 crore for the July-September period of FY16.
Total income for the July-September quarter of the current fiscal also declined to Rs 1,947.63 crore from Rs 1,969.96 crore in the year-ago period.
Gross non-performing assets (NPAs) rose three-fold to 13.01 per cent of gross advances from 4.19 per cent a year ago. Net NPAs also increased to 8.43 per cent from 2.22 per cent.
As a result, provisions and contingencies increased nearly five-fold to Rs 518 crore, as against Rs 116.40 crore in the same quarter a year ago.
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