Monday, October 27, 2014

#SBM Q2 net profit up by Rs.71cr

State Bank of Mysore's (SBM) Q2 net profit surged 239% to reach Rs.102 cr. from 30.8 cr same quarter last year. The improvement in profit is mainly due to cut in high cost bulk deposits by 11 per cent from 20 per cent year-on-year and some tax concessions along with cut in expenditure. Its income reached Rs 1,900.52 cr in the second quarter compared to Rs 1,687.70 cr in the same period of the previous fiscal, registering increase of 13 per cent.

Other Highlights:-

  • Total Income of Rs.1900.52 Cr
  • Net profit up by 239% (y-o-y) to Rs.101.9 cr and by 115% during H1(FY 2014-15)
  • Operating profit up by 28%, PBT up by over 17% y-o-y
  • Gross NPA levels reduced from 5.96% in Sep'13 to 5.07% in Sep'14
  • Net NPA levels reduced from 3.69% in Sep'13 to 2.94% in Sep'14

The Bank has registered a net interest income growth of over 10 per cent year-on-year while other income by 26 per cent year-on-year. While the gross NPAs have declined by Rs 234 cr to reach a level of Rs 2,519 cr in the second quarter of the fiscal 2015.