SBI associate State Bank of Mysore today reported a fall of 22.9 per cent in net profit at Rs 104.86 crore for the fourth quarter ended March 31, due to higher provisioning for employee cost and rising bad loans.
SBM's net profit in the corresponding quarter of 2014-15 stood at Rs 135.97 crore. Total income of the bank was Rs 2,076.02 crore during the final quarter of 2015-16, slightly up from Rs 2,051.23 crore in the same period of the corresponding previous fiscal, SBM said in a regulatory filing.
Provisions and contingencies worth Rs 263.42 crore were parked aside during the quarter as against Rs 184.49 crore in the year ago period.
Bank's asset quality slipped further during the quarter with gross non-performing assets (NPAs) rising to 6.56 per cent of gross advances as on March 31, as against 4 per cent a year ago. Likewise, net NPAs or bad loans were 4.18 per cent of the net advances, up from 2.16 per cent in the year ago period.
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