State Bank of Mysore Q4 profit down 23% at Rs 105 cr

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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State Bank of Mysore Q3 Profit Dips 72%

BI associate State Bank of Mysore on Wednesday reported a dip of 71.98 per cent in net profit at Rs 26.94 crore for the quarter ended December 31, on higher provisioning and employee cost.

The bank's net profit during the corresponding quarter in 2014-15 was Rs 96.16 crore.

Total income increased by a marginal 2.8 per cent to Rs 1,940.22 crore during the reported quarter from Rs 1,888.11 crore earned in the year ago period, the bank said in a BSE filing.

During the October-December quarter of 2015-16, the bank made provisioning and contingencies to the tune of Rs 253.91 crore as against Rs 135.99 crore in the previous fiscal.

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History of State Bank of Mysore

State Bank of Mysore was a nationalised bank in India, with headquarters at Bengaluru. It is one of the five associate banks of State Bank of India.

State Bank of Mysore was established in the year 1913 as The Bank of Mysore Ltd. under the patronage of Maharaja Krishna Raja Wadiyar IV, at the instance of the banking committee headed by the great Engineer-Statesman, Bharat Ratna Sir M.Visvesvaraya. During 1953, "Mysore Bank" was appointed as an agent of Reserve Bank of India to undertake Government business and treasury operations, and in March 1960. 

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