#SBM Q3 net up by 13% to reach Rs 96 crore

State Bank of Mysore (SBM) today reported a 13% growth in net profit at Rs 96 crore for the third quarter ended 31 December, 2014 compared to Rs 85 crore in the corresponding quarter last year. The rise in profit is mainly due to 6.6% growth in net interest income and lower provisions towards non-performing assets.The Bank allocated Rs 101 crore towards NPA in this quarter against Rs 148 crore in the corresponding quarter.The bank has reduced its net NPAs to 3.11% from 4.21% in the year ago quarter.Total income of the bank increased 9.1% to Rs 1,888 crore compared to Rs 1,730 crore in the same quarter last fiscal.

#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.

#SBM Q2 net profit up by Rs.71cr or 239% pic.twitter.com/oCuHEiUsKq
— Press Release Watch (@PrReleaseWatch) October 28, 2014

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.

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

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.

State Bank of Mysore (#SBM) Q4 Net Profit up by 41%

The Board of Directors of State Bank of Mysore approved the financial results for the year ended 31st March 2014 at its meeting held in Bangalore on 25rd April 2014.

Highlights are:

•    CASA Ratio improves by 189 bps to 33.25%
•    Net Interest Margin (NIM) continues to be healthy at 3.02%.
•    Bank  has recorded 23% y-o-y growth in Agri advances
•    21% y-o-y growth in SME advances
•    19% y-o-y growth in Per Seg advances
•    Q4 Net Profit increase of 41% over Q4 FY13 & 26% over Q3 FY14

1. TOTAL BUSINESS:
The total business of the Bank crossed Rs.1.12 lac crs as on Mar 14. The Bank continued its focus on Retail business with Retail deposits growing at a healthy rate at 24.5% during the year.
Retail advances registered an all round growth during the year with:
•    In Personal segment Home loans grew by 18% and Auto loans by 24% YOY
 
2. KEY FINANCIALS:
•    Q-o-Q Net profit has gone up from Rs. 76 crs to Rs. 107 crs, registered an increase of 41%.
•    Sequentially profit has increased in Q4 by 26%.
•    Under Basel III guidelines Bank’s CET-1 is 8.44% and CRAR at 11.08%.


3. Asset Quality
Gross NPAs level declined significantly from Rs. 3,032 crs (6.58%) during Q3 FY 14 to Rs. 2,819 crs (5.54%) during Q4 FY 14.  Net NPA also declined to 3.29% from 4.21% during the period. The Bank sold assets aggregating Rs.295 crs to ARCs during the quarter.
The provision coverage ratio increased to 59.5% during Q4 FY 14 from 55% as at
Q3 FY 14.

4. TECHNOLOGY:
The Bank installed 254 new ATMs during the year taking the total number of ATMs installed to 1,107 of which 970 are in the State of Karnataka. All our branches are now serviced by on-site ATMs.  Our ATMs are part of 48,514 strong ATM network of the State Bank Group. The card base has crossed 38 Lacs as on 31st March 2014.
Bank has also installed 2,172 POS machines, besides 300 Green Channel Machines, SSKs and e-lobby which enabled us to migrate 45% of business through ADC.

5. BRANCH EXPANSION:
The Bank opened 164 branches during the year taking the total network of branches as at March 2014 to 944. This includes 772 branches in the State of Karnataka.
During the year the Bank opened 2 Zonal offices in Mangalore and Belgaum and 3 Regional offices at Karwar, Gulbarga and Mysore (Rural)

6. FINANCIAL INCLUSION :
Bank has covered 1672 villages with population below 2000 as against target of 1593. The Bank has been taking lead roles in EBT for distribution of pension and Direct Benefit Transfer for LPG consumer in 3 districts of Karnataka. SBM has been the winner of “The Best Banker-Financial Inclusion (Mid Sized)” award 2013 established bi Indian Express Group.


7. CORPORATE SOCIAL RESPONSIBILITY:

During the FY13-14, being a Centenary year, Bank has donated Rs.1.57 crs to Kidwai Memorial Institute of Oncology for construction of multi-disciplinary pediatric ward named ‘State Bank of Mysore Centenary Block’ for augmenting facilities for treating children affected with cancer.
The Bank also supported more than 2,300 special activities with an outlay of
Rs.457 lacs under Community Services banking during FY13-14.

The Bank also donated more than 6,100 ceiling fans and 1,500 water purifiers on the occasion of Teacher’s day and Children’s day 2013 respectively to deserving Govt/ needy schools through each of its branches/offices at a cost of more than Rs.200.00 lacs for the benefit of the students community

State Bank of Mysore (SBM) opened 1000th ATM in Bangalore

State Bank of Mysore (SBM) opened its 1000th ATM at Kandhaya Bhavan, DC Office Compound, Adjacent to NABARD Office, K G Road, Bangalore. 1000th   ATM was inaugurated by the General Manager, Sri K Lakshmisha. Sri N Parthasarathy, General Manager - IT. Sri K Nageswara Rao, General Manager - Network (Bangalore) was also present on the occassion.

Inauguration of Karwar Regional Office of State Bank of Mysore

Karwar Regional Office of State Bank of Mysore (SBM) was inaugurated by Shri Sharad Sharma, Managing Directoor recently. The DGM of Mangalore Zone Shri M R Jayesha, Shri Venugopal N, Secretary SBMEU and Shri K Narasimha Bhat, AGM of Karwar Region were present on the occassion.

Traffic awareness slides on digital video wall at Mysorebank Circle in Bangalore

B Dayananda, IPS, Addl. Commissioner of Police (Traffic) inaugurated Traffic awareness public interest slides (Road Safety Guidelines) for display on State Bank of Mysore digital video wall sitauted at Mysorebank Circle, SBM, HO.

On this occassion, Shri Sharad Sharma, Managing Director of State Bank of Mysore handed over Traffic Barricades to the Police authorities on behalf of the Bank.

One Time Settlement Scheme for NPAs in agriculture sector by State Bank of Mysore

With a view to provide impetus to AGRI sector, State Bank of Mysore has (i) drastically reduced the interest on Agricultural loans ranging between 1.00 to 2.75% and (ii) has offered a One Time Settlement Scheme (OTS) scheme for NPAs under agriculture sector.

State Bank of Mysore Net Profit down by 45% in Q3 FY14

State Bank of Mysore announced its financial results for the Quarter and nine months ended Dec’13.

The Net Interest Income of the Bank during the Quarter and nine months ended Dec’13  and  stood  at  Rs.1,409  crores  (LY-Rs.1,373 crores).  The Other Income increased to reach a level of Rs.390 crores (LY-Rs.364 crores).

Capital to Risk-adjusted Ratio (CRAR) of the Bank stood at 11.2% (under Basel III), as against a minimum of 9% stipulated by RBI.

The Savings Deposit of the Bank at Rs.16,570 crores showed an increase of 17 % yoy.   

Share of high cost deposits has come down from 27% to 17%.    

Retail deposits of the Bank registered a growth of Rs 5,212 crores (16.3% annualized) over March’13 level.

CASA deposits have grown by 220 bps to 33.6% since Mar’13.

Strong Retail focus (y-o-y growth) - Home Loan -18%, Auto 24% and Agri 17%.

The Net Interest Margin continues to be healthy at 2.99%.

The Net Profit is down by 45% (Rs. 85 crores) in Q3FY14 over Q3FY13, consequent to muted growth in operating income due to provision made towards wage revision and pension liabilities and enhanced provisions for bad debts. However, the Net Profit for Q3FY14 at Rs. 85 crores is higher by 184% over Q2FY14.

The Bank has set up over 1,532 POS Machines, Cash Dispensing Machines besides,      Multi Functional Kiosks, SSKs, Green Channel Counters, ATMs in Large numbers and has been successful in migrating 43% of transactions through Alternate Delivery Channels.

State Bank of Mysore donated Mini Van to M.S. SWAMINATHAN RESEARCH FOUNDATION

State Bank of Mysore has donated a Mini Van to M.S. SWAMINATHAN RESEARCH FOUNDATION, Chennai. Prof. M S Swaminathan, Agriculture Scientist and Founder of the Institute received the keys of the vehicle from Sri Sharad Sharma, Managing Director of State Bank of Mysore.

The van will be used for 'Every Child A Scientist - ECAS' a noble cause of the institute towards motivating children from the society to become a scientist.

NEW GENERAL MANAGERS AT STATE BANK OF MYSORE

Sri. K NAGESWARA RAO has taken charge as General Manager, Retail Network 1, Bangalore at State Bank of Mysore. Earlier to this, he was Zonal Manager, Kollam at State Bank of Travancore. A 1982 batch Probatioary Officer, he has also served as DGM, Stressed Assets Management Department in State Bank of Travancore, HO.

Sri. ASHOK KUMAR PRADHAN has taken charge as General Manager, Personal Banking at State Bank of Mysore, Head Office. Earlier to this, he served as Deputy General Manager, Treasury / Credit at State Bank of Hyderabad. A 1985 batch Probatioary Officer, he has also served as Chief of Large Corporate Branch of State Bank of Bikaner & Jaipur.

Union Finance Minister visits State Bank of Mysore headquarter in Bangalore

State Bank of Mysore today celebrated Commemoration of Centenary Year marking 100 years of its establishment. At an impressive function held at its headquarters at Bangalore, presided over by Hon’ble Union Minister for Finance, Shri P. Chidambaram, Bank dedicated 101 new branches to the Nation, spread over the entire length and breadth of the country. Of the 101 branches, 29 are located in Rural area, 30 Semi-urban, 27 in Urban and 15 in Metro .

 Mr. Chidambaram also interacted with select Branch Managers and few customers present at the branches through   video/ linkup. On this occasion the Bank also sanctioned 801 Education Loans, loans to 100 CNG auto owners under “Green Auto Initiative”, 1517 beneficiaries at 218 villages under “Nirmal Bharat Abhiyaan Scheme” (Green Toilets) and 1476 beneficiaries at 238 villages under “Solar Lamp lighting”.      Mr. Chidambaram handed over sanction letters to a few select beneficiaries under each category. The FM also honoured a few long standing depositors/ exporters & SME  customers from different segments spanning relationship from 35 to 95 years with Bank.

Speaking on the occasion, Union Finance Minister Shri. P Chidambaram highlighted the important role SBM is playing in connecting to the local population and carving out cultural identity of its own which needed to be preserved at all costs. He spoke highly about the founding fathers of the bank viz. Sir M Visvesvaraya and Nalvadi Krishnaraja Wodeyar, whom he described as two titans and visionaries who thought about the welfare of the state 50-100 years ahead. Mr. Chidambaram also emphasized the need provide assistance to Retail sectors, who always have a better track record of repayment and higher capacity to save.


Earlier welcoming Mr. Chidambaram, Managing Director of the Bank, Mr Sharad Sharma spoke about the path the Bank has traversed over the last 100 years and survived due to its strong value system and modern outlook. Mr Sharma also spoke about the continued commitment of the bank in meeting its obligations towards industry, commerce, Agriculture, SME, students community and other weaker section of the population and last but not the least, in discharge of its Corporate Social Responsibility. The bank has plans to reach 1,000 branches by 31st March 2014.

Mr. S Vishwanathan, Managing Director and GE (A&S), State Bank of India,  mentioned how firmly embedded the SBM is in the psyche of the local population because of its close socio-cultural links besides banking relationship. Mr. Vishwanathan also mentioned about the close rapport the bank maintains with the State Government which enables it to garner sizeable chunk of government business.