News Column

India : PROFIT of STATE BANK OF MYSORE rises 40% during fourth quarter

April 29, 2014

For the fourth quarter ended March 31, State Bank of Mysore registered 40.18 per cent increase in profit at INR 106.81 crore, against INR 76.19 crore during the corresponding period last year, due to steep reduction in bad loans, lower cost of deposits and higher yield on advances.

Total income of the bank increased 5.99 per cent to INR 1,824.69 crore (INR 1,721.48 crore).

Sharad Sharma, Managing Director, State Bank of Mysore (SBM), said, During the fourth quarter, a combination of factors like reduction in cost of deposit, NPA reduction, high yield on advances and good amount of cash recovery helped us post good profits.

He adds, During the quarter, the bank was able to recover INR 202 crore of stressed assets (NPAs).

For the year 2013-14, the bank s profits stood lower by 34.09 per cent at INR 27,425 crore as compared with INR 41,610 crore in 2012-13.

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Source: TendersInfo (India)