Bangalore-based State Bank of Mysore (SBM), an associate bank of the SBI Group, reported a net profit of Rs 93.36 crore for the quarter ended September, a 5.3 per cent drop compared to the corresponding quarter last year. The drop was mainly on account of a 2.5 times rise in provisions and contingencies during the quarter. The bank has made a provision of Rs 141 crore compared to Rs 55.3 crore in the year-ago period.
Total income rose 15 per cent to Rs 997 crore, against Rs 866.5 crore in the same period an year ago. At Rs 96.6 crore, other income of the bank has also gone up by a marginal 5.1 per cent compared to the year-ago period. The bank’s operating profit for the quarter has gone up by 37.3 per cent to Rs 282.9 crore compared to the year-ago period.
