SBM posts 29% rise in Q3 net profit

CORPORATE SCORECARD

The Bangalore-based State Bank of Mysore (SBM) has registered a growth of 29.04 per cent in net profit at Rs 70.90 crore for the third quarter ended December 31, 2007 compared with corresponding period of the previous financial year. This was on account of higher net interest income.

The returns on assets (annualised) were 1.09 per cent as of December 2007 as against 0.95 per cent in December 2006. The earnings per share increased from Rs 153 in December 2006 to Rs 197 in December 2007.

The bank earned a total income of Rs 728.20 crore in the quarter, a growth of 37.32 per cent over the same period last year. Its net interest income stood at Rs 286.11 crore, which was a growth of 13.92 per cent.

The net profit for the nine-month period ended December 31, 2007 went up by 42.16 per cent to Rs 234.92 crore. The increase was mainly on account of a year-on-year growth of 11.76 per cent in net interest income and 30.33 per cent in other income.

The bank's gross non-performing assets declined to Rs 358.58 crore as of December 2007, down from Rs 389.95 crore as at December 2006.

The gross NPAs declined to 1.83 per cent of the gross advances during the period from 2.51 per cent as on December 31, 2006. The net non performing assets ratio declined to 0.36 per cent from 0.37 per cent as at December 2006.