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SBM's net profit up by over five pc

Written by: Staff
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Bangalore, May 3 (UNI) Public sector State Bank of Mysore has registered a net profit of Rs 216.72 crore in the year ended March 31, 2006, as against Rs 206.26 crore in the previous year, a growth of 5.07 per cent.

Announcing the results to newspersons here, Bank Managing Director Y Vijayanand said the operating profit had marginally declined to Rs 437.86 crore from Rs 451.66 crore in the previous year. This was mainly on account of treasury income of Rs 60.64 crore due to market conditions and higher depreciation of Rs 22.41 crore incurred on fixed assets, consequent to migration to core banking during the year, he explained.

He said net profit for the fourth quarter of 2005-06 was Rs 78.89 crore, up by 3.84 per cent over the corresponding period of 2004-05.

The bank's board had proposed a dividend of 90 per cent for the year, he added.

Mr Vijayanand said the net worth of the bank grew to Rs 927.35 crore from Rs 750.79 crore, representing a sturdy growth of 23.52 per cent. The bank's capital adequacy ratio stood at 11.37 per cent as against the regulatory benchmark of nine per cent.

He said the level of aggregate deposits increased from Rs 13,342.98 crore in March 2005 to Rs 16,188.53 crore in March 2006, registering a growth of 21.33 per cent. The advances of the bank during the period increased from Rs 9,124.50 crore to Rs 12,063.16 crore, a growth of 32.21 per cent. The bank had achieved higher growth rate both in deposits and advances, compared to the growth registered by all scheduled commercial banks, he pointed out.

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