SBM net up 25 percent in Q1

Bengaluru, July 30 (IANS) State-run State Bank of Mysore (SBM) on Thursday reported Rs.94 crore net profit for first quarter of 2015-16 as against Rs.75 crore in the same period of 2014-15, registering 25 percent increase.

In a regulatory filing to the Bombay Stock Exchange, the city-based bank said its total income for Q1 increased marginally 4.5 percent to Rs.1,952 crore from Rs.1,868 crore in same period last fiscal.

Sequentially, net profit, however, declined 31 percent from Rs.1,346 crore and total income 4.8 percent from Rs.2,051 crore posted in the last quarter of 2014-15.

Operating profit declined 11 percent to Rs.270 crore from Rs.303 crore and 33 percent sequentially from Rs.402 crore last quarter.

Provisioning for Q1 at Rs.132 crore was 33 percent less than Rs.198 crore last fiscal and 29 percent lower from Rs.185 crore last quarter.

Gross non-performing assets (NPA) declined 11 percent to Rs.2,214 crore from Rs.2,490 crore last fiscal but marginally up 3.7 percent from Rs.2,136 crore last quarter.

Similarly, net NPA declined 16 percent to Rs.1,077 crore from Rs.1,282 crore last fiscal and four percent from Rs.1,123 crore last quarter.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here