Bangalore:
State
Bank of Mysore (SBM) has posted a 156.18-per cent rise
in net profit to Rs 65.89 crore and has declared a dividend
of 25 per cent. The operating profit rose by 70.21 per
cent to Rs 234.79 crore in 2001-02, says SBM managing
director M Sitarama Murty.
 The bank
is ready for an initial public offering (IPO) this very
year, if the pending amendments to the SBI Subsidiary
Act (being evaluated) go through, he says.
SBMs authorised capital is Rs 50 crore, of which Rs 36
crore is paid-up. Further, there are limitations on the
dividend-receiving capacity
of a shareholder with more than 200 shares, says Murty.
Once the legislative hurdles are passed, the bank will
be ready for an IPO this year.
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