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Bangalore:
State
Bank of Mysore (SBM) has reported a net profit of Rs 44.98
crore during the quarter ended 30 September, up from Rs
8.1 crore in the same period the previous year, on a rise
in total income to Rs 338.86 crore (Rs 315.89 crore).
For
the half-year ended 30 September, the net profit rose
186 per cent to Rs 90.29 crore, while the operating profit
rose 57.22 per cent to Rs 192.81 crore during the same
period.
 SBM
managing director Sitarama Murty says the focus on increased
earnings and on reducing the cost of deposits had enabled
the bank to achieve the results. "This growth is
after making provisions for VRS [voluntary retirement
scheme] expenses of Rs 14.93 crore, being amortised over
five years, and Rs 1.14 crore for leave encashments, the
latter not having been provided for last year."
SBM''s
operating profit stood at Rs 99.06 crore (Rs 70.91 crore),
while other income was Rs 84.99 crore (Rs 54.26 crore).
During the half-year, operating income rose by 29.54 per
cent to touch Rs 364.81 crore.
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