SBM earns Rs 164 crore net profit in H1

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Bangalore, Oct 19 (UNI) State-owned State Bank of Mysore (SBM) today announced an all-round growth in its financial performance in the first half of the current fiscal, earning a net profit of Rs 164.02 crore, an increase of 48.70 per cent over the corresponding period last year.

SBM Managing Director P P Pattnayak said, in a release here, that the Bangalore-headquartered bank's Capital Adequacy Ratio (CAR) stood at 11.12 per cent as against nine per cent during the previous period.

The Operating Profit grew to Rs 260.55 crore as against Rs 202.79 crore during the corresponding previous period. Total income of the Bank went up impressively by 44.60 per cent YoY to reach Rs 1365.38 crore from Rs 944.26 crore and the Net Interest Income rose by 13.20 per cent from Rs 346.47 crore to Rs 392.21 crore.

He said the Gross Non Performing Assets of the bank declined to Rs 365.96 crore. Net Non Performing Assets ratio also declined to 0.34 per cent from 0.45 per cent in March 2007.

The total advances of the bank stood at Rs 18,326 crore, an increase of 33.52 per cent which was better than the average of all Scheduled Commercial Banks of 22.40 per cent. This was due to additional thrust given to retail business, Agricultural and Personal segment, he added.

UNI

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