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Wednesday
Jan 24 2001
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0113 hrs IST
1443 EST
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SBM’s Q3 net profit rises 35%
Our Bureau
BANGALORE
STATE Bank of Mysore has posted a net profit of Rs 15.33 crore from last year figures of Rs 11.37 crore for the third quarter of this fiscal, a rise of 35 per cent.
Net profit for the nine-month period ended December 31, 2000 rose 17.90 per cent to touch Rs 33.06 crore from Rs 28.04 crore in the previous corresponding quarter.
The operating profit also registered a growth of 18.37 per cent, rising from Rs 96.90 crore to Rs 114.70 crore.
Total income for the ninemonth period touched Rs 780.16 crore, registering a growth of 15.74 per cent. Interest income from advances grew by 11.43 per cent to touch Rs 356.64 crore, interest income from investments recorded a growth of Rs 71.75 crore and reached a level of Rs 305.98 crore.
At the end of December 2000, aggregate deposits of the bank touched Rs 6,836.48 crore, registering a growth of 6.90 per cent over the March 2000 levels.
Cost of deposits came down from 8.18 per cent in March 2000 to 7.76 per cent in December 2000.
Advances at Rs 4,298.65 crore as at the end of December 2000, grew by 8.57 per cent over March 2000 levels, as against a growth of 6.58 per cent achieved in the corresponding period of the previous year.
Forex turnover of the bank improved by 10.11 per cent to Rs 350.92 crore and reached a level of 3,822.98 crore.
The bank’s non-performing assets also improved during the period, with the bank’s gross and net NPA ratios coming down from 13.89 per cent and 8.12 per cent in March 2000 to 13.73 per cent and 7.52 per cent in December 2000.
The bank opened seven branches during April-December 2000 to take the total number of branches to 600. Two more branches were also opened in January 2001 in Bangalore.
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