According to recent press reports State Bank of Mysore’s has recorded net profits of Rs 164 crore during the fourth quarter of last fiscal. Reports said that lesser provisioning during the fourth quarter of last fiscal helped the bank boost up its net profit by 32 per cent from Rs 124 crore recorded during the corresponding quarter of the 2009-10 fiscal.
The net interest income registered a marginal growth during the quarter at Rs 406 crore. The operating expenses of the bank increased by 20 per cent mainly because of the t increase in staff expenses by a 26 per cent due to higher provisions towards gratuity and pensions.
Mr. Dilip Mavinkurve, Managing Director, State Bank of Mysore told the press that the bank has made provisions of Rs 140 crore from Rs 167 crore, and has a provision coverage ratio of about 68 per cent. He added saying that the bank’s gross NPAs stood at 2.51 per cent while net NPAs were at 1.38 per cent. He said that the bank has made provisions of Rs 140 crore and has a provision coverage ratio of about 68 per cent. He said that the bank has to increase provisioning because gross
NPAs have grown up and almost Rs 280 crore added in agriculture-related loans have turned bad. The other home loan and personal loan of the bank are performing well. The bank’s board also announced a 100 per cent dividend for the 2010-11 fiscal.