 "State Bank of Mysore rallies on strong Q2 results")
State Bank of Mysore has rallied 9% to Rs 533 on BSE after reporting a more than three-fold jump in net profit at Rs 102 crore in the July-September quarter (Q2) on higher interest income, lower provisions and better recovery from written-off accounts. The state-owned bank had profit of Rs 30 crore in the corresponding year-ago quarter.
The bank’s net interest income grew by a 5% at Rs 514 crore, while other income was up 26% to Rs 182 crore over the previous year quarter.
The bank made a provision of Rs 162 crore for non-performing assets (NPAs) against Rs 229 crore in the corresponding previous-year quarter.
The net NPA ratios declined to 2.94% from 3.69%. Also, the gross NPA ratio was down at 5.07%, as against 6.56% in the September quarter last year.
The stock opened at Rs 520 and hit a high of Rs 540 on BSE. A combined 72,942 shares changed hands on the counter in early morning deals on NSE and BSE.
The bank’s net interest income grew by a 5% at Rs 514 crore, while other income was up 26% to Rs 182 crore over the previous year quarter.
The bank made a provision of Rs 162 crore for non-performing assets (NPAs) against Rs 229 crore in the corresponding previous-year quarter.
The net NPA ratios declined to 2.94% from 3.69%. Also, the gross NPA ratio was down at 5.07%, as against 6.56% in the September quarter last year.
The stock opened at Rs 520 and hit a high of Rs 540 on BSE. A combined 72,942 shares changed hands on the counter in early morning deals on NSE and BSE.