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Our Bureau

Bangalore , Jan. 25

STATE Bank of Mysore has reported a net profit of Rs 34.38 crore for the third quarter (Q3) of the current financial year, down 29 per cent from the corresponding quarter of the previous year.

A bank release said here that the drop was due to large provisioning made for depreciation in the value of investments. The bank made a provision of Rs 127.21 crore after shifting securities from the available-for-sale to held-to-maturity category as permitted by the RBI guidelines. The bank's operating profit, however, rose to Rs 172.51 crore from Rs 108.20 crore.

Gross income rose to Rs 427.28 crore in the third quarter (Rs 354.48 crore).

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