State Bank of Mysore to start online trading

Bangalore, Apr 28: State Bank of Mysore (SBM) will start online trading to facilitate its customer invest in capital marketing this year and offer DMAT and depository facilities besides looking at a Rs 9000 crore increase in business.

Speaking to newspersons on the results of the Bank in 2006-07 SBM Managing Director P P Pattanaik said the bank was awaiting the amendment to the legislation regarding SBI subsidiaries to enhance its equity base to Rs 100 crore from the current level of Rs 36 crore. The enhancement in equity was a must to enable the Bank to maintain its Capital Adequacy rates to the required extent once the Basel II norms were in place. ''We will decide when to seek the capital after the parliamentary nod'' he said, adding the Centre had already cleared the amendment.

Keeping in tune with the policies of the Centre to peg the escalating inflation, the Bank has also decided to go slow on commercial real estate, assistance to non-banking financial instituions and consumer loans, he added.

Commenting on the Bank's performance in 2007-08, Mr Pattanaik said the Bank had made a net profit of Rs 249.23 crore, 15 per cent more than the previous year's performance of RS 216.72 crore. The Bank had proposed a 100 per cent dividend for the year.

He said while the advances went up by 39 per cent to touch Rs 12,063.15 crore, the deposits rose by 32.25 per cent to reach a figure of Rs 21,395.49 crore.

UNI