SBM net jumps to Rs 45 crore

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.