SBM net drops 16%

Bangalore-based public sector lender State Bank of Mysore (SBM) on Thursday reported 15.9 per cent drop in net profit at Rs 110.9 crore for the third quarter ended December 31, compared to the corresponding quarter last year. The drop in net profit was mainly on account of a 6.8 per cent drop in net income, which stood at Rs 413.4 crore compared to Rs 443.7 crore in the year ago period.