Financial Daily from THE HINDU group of publications
Thursday, Jul 28, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 28, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks SBM net dips to Rs 47 cr Our Bureau
Bangalore , July 27 STATE Bank of Mysore recorded a growth in operating profit, advances and forex turnover for the first quarter of 2005-06, but a slight dip in net profit, which is down at Rs 46.71 crore from Rs 53.02 crore in the corresponding period last year. The lower Q1 net profit is mainly because of a provision of Rs 41.13 crore made on transfer of securities from the available for sale to the held to maturity category. The bank is also making a full provision of Rs 7.45 crore towards the interest concession given to the coffee sector as per the Government's directives. Total deposits reached Rs 13,482 crore, a growth of Rs 139 crore over the previous quarter. Personal deposits touched Rs 6,789 crore, accounting for 50.35 per cent of aggregate deposits. The cost of deposits declined from 4.96 per cent in March 2005 to 4.75 per cent in June 2005. Total advances stood at Rs 9, 367 crore, a growth of Rs 242 crore. Forex turnover went up by Rs 3,823 crore to touch Rs 6,476 crore, a 144 per cent rise compared to the corresponding previous period. The bank, which has 205 ATMs, plans to add another 100 by the end of the current fiscal. It plans to implement core banking solutions by the end of the fiscal.
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