Monday, July 28, 2014

#State Bank of Mysore (SBM)Q1 net profit up 44% at Rs 75 crore

State Bank of Mysore
State Bank of Mysore (SBM) reported a robust 44 per cent growth in net profit at Rs 75 crore for the first quarter ended June 30, compared with Rs 52 crore in the corresponding quarter the last financial year.
Growth in net interest income and higher Casa (current account savings account) deposits, have helped the bank to improve profitability.
Total income of the bank this quarter rose to Rs 1,867.73 crore  from Rs 1,652.68 crore in the year ago period, of which other income rose by 12.96 per cent from Rs 135.55 crore in June last year to Rs 153.11 crore this quarter. Net Interest Margin for the quarter stood at 3.08 per cent as compared to 3.04 per cent in the quarter ended March 31, 2014.The bank reduced its NPAs to the extent of Rs 329 crore to Rs 2,490 crore during the first quarter compared to Rs 2,819 crore as of March 2014.Gross NPAs reduced by 11.67 per cent sequentially from Rs 2,818.87 crore in the quarter ended March 31, 2014, to Rs 2,489.94 crore this quarter.
The bank is planning to raise Rs 500 crore through rights issue to shore up its Tier-I capital sometime during the third quarter, said Sharad Sharma Managing Director, State Bank of Mysore.The Bank has plans to raise additional Rs. 2000 crore through Infra- bonds in the near future.