SBM Q3 net down 72% to Rs 27 cr

The gross NPAs were at 5.48% of the gross advances

State Bank of Mysore on Wednesday reported 72% dip in third quarter profits to Rs 26.94 crore on higher provisioning and employee cost.

SBM, based in Bengaluru had reported profits of Rs 96.16 crore in the October to December quarter last year, the bank said in a notice to the Bombay Stock Exchange.

SBM, an associate bank of State Bank of India, had made provisions of Rs 253.91 crore in the third quarter, nearly twice of the Rs 135.99 crore it provided for provisioning and contingencies in the same period last year

The gross non-performing assets (NPAs) were at 5.48% of the gross advances as of December 31, as against 5.09%. Net NPAs or bad loans stood at 3.12% of net advances, slightly up from 3.11% a year ago.