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State Bank of Mysore Q4 net profit up 102%

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Our Bureau Bangalore
State Bank of Mysore on Wednesday reported a 102 per cent year-on-year increase in March 2005 quarter net profit to Rs 76 crore.
 
Total income increased a little less than 10 per cent, to Rs 417 crore. Full year net profit grew 17 per cent to Rs 206 crore, while total income rose 11 per cent to Rs 1,554 crore. The bank's board has proposed a 75 per cent dividend for the year.
 
The full year's operating profit grew over 6 per cent to Rs 452 crore, after a Rs 59 crore provision for payment of wage arrears for November 2002 to March 2005, following a hike in pay, a bank release said.
 
A Rs 127 crore depreciation owing to some securities being transferred from available-for-sale category to held-to-maturity category, also impacted profits, the release said.
 
Net interest income for the year grew nearly 20 per cent to Rs 545 crore, while fee-based income and recovery combined to grow over 13 per cent to Rs 386 crore.
 
Y Vijanayanand, managing director said, "Both one-time settlement and debt restructuring contributed to recovery of over Rs 75 crore from loan defaulters during the year.
 
Operating income grew 17 per cent to Rs 931 crore.
 
Operating expenses also grew, by almost 30 per cent, to Rs 479 crore. Excluding the wage arrears provision, expenses grew nearly 14 per cent."
 
During the year, gross non-performing assets fell to Rs 415 crore or 4.56 per cent of the bank's total exposure from the previous fiscal's Rs 514 crore or 7.76 per cent.
 
An increase in the provision coverage ratio to close 80 per cent from the previous fiscal's 63 per cent brought down the net NPA ratio to 2.96 per cent. The bank plans to reduce the ratio to "less than 0.5 per cent" by March 2006, a release said.
 
At the end of fiscal 2005, SBM had deposits of Rs 13,343 crore, up 23 per cent and advances of Rs 9,125 crore, up 38 per cent.
 
Its cost of deposits stood at 4.96 per cent as against 5.71 per cent the previous fiscal.

 
 

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First Published: May 12 2005 | 12:00 AM IST

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