SBM Q1 net at Rs 53 crore

Bangalore: State Bank of Mysore has earned a net profit of Rs 53 crore in the first quarter of the current financial year, a 17 per cent increase over the corresponding period of last year.

Total income for the first quarter was Rs 365.79 crore (Rs 323.49 crore). The increase in income was driven by interest income that rose from Rs 132.72 crore in the first quarter last year to Rs 149.34 crore in the corresponding period this year. During the corresponding period other income, which included treasury also rose by a marginal Rs 7.4 crore.

The bank gross expenditure also rose in the first quarter particularly on account of the large provisions made for employees. Total expenditure in the first quarter was Rs 247.74 crore (Rs 229.73 crore). Operating profit in the first quarter went up to Rs 118.05 crore (Rs 94 crore). But provisions for non-performing assets also increased in this quarter to Rs 36.41 crore from Rs 24 crore. These provisions also included depreciation on some of the investments during the period.

As a result of the increased provisioning, the bank has brought down its net NPA ratio to 5.56 per cent to 2.4 per cent during the period. The gross NPAs also came down to 7.5 per cent in the first quarter, from 11.08 per cent in the last fiscal.