State Bank of Mysore, the Bangalore-based public sector lender and affiliate of State Bank Group, has posted a net profit of Rs 111.39 crore for the first quarter ended June 2010, registering an year-on-year (YoY) growth of 35 per cent.
The operating profit at the end of the April-June quarter is Rs 269.96 crore, 55 higher than the corresponding period last year.
The rise in net profit was fuelled largely by YoY growth of 60.8 per cent with respect to net interest income at Rs 386.15 crore.
While growth in total income was 9.07 per cent on year at Rs 1,067.57 crore in the wake of reduction in the bank’s interest rate on advances and lower level of treasury profits (from Rs 23.28 crore for Q1 of 2009-10 to Rs 1.61 crore during Q1 of 2010-11), it was able to contain its expenses.
Total business of the bank surpassed the level of Rs 70,000 crore and is at Rs 70,092 crore as at the end of June 2010. The deposit base of the bank increased by 17.70 per cent year on year basis at Rs 39,489 crore. Gross advances rose by 16.79 per cent, registering an increase of Rs 4,400 crore on year on year basis and the level is at Rs 30,603 crore.
The bank’s net non-performing assets ratio increased to 0.75 per cent from 0.54 per cent a year ago. The capital to risk-adjusted assets ratio of the bank as on June 30, 2010, stood at 12.16 per cent (under Basel-II framework). The return on assets has improved to 0.96 per cent from 0.80 per cent in the June 2009 quarter.
