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Our Bureau

Bangalore , Jan.18

The State Bank of Mysore has reported a 20 per cent increase in net profits for the third quarter of the current financial year.

The bank's net profit for Q3 this year was Rs 54.95 crore as against Rs 39.60 crore in the corresponding quarter of the last financial year. The reduced provisions on investments also helped boost profit. In fact, the bank was able to write back about Rs 3 crore of excess provisions. The gross profits for the period, however, were lower at Rs 111.63 crore as against Rs 121.82 crore. This was on account of reduced income from treasury operations.

The gross income in Q3 was Rs 538.07 crore as against Rs 423.32 crore. Interest income rose to Rs 453.64 crore during the period from Rs 346.18 crore. The rise in interest income was largely on account of interest resets and higher coupon flows from investments.

The gross expenditure was Rs 426.44 crore as against Rs 301.49 crore. The increase was partly on account of increases in interest costs that rose to Rs 279.14 crore in Q3 this year as against Rs 184.05 crore.

More Stories on : Financial Performance | Public Sector Banks

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