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State Bank of Mysore registered 40.18 per cent increase in profit at ₹106.81 crore for the fourth quarter ended March 31, against ₹76.19 crore during the same period last year, on account of steep reduction in bad loans, lower cost of deposits and higher yield on advances.
The bank’s total income rose 5.99 per cent to ₹1,824.69 crore (₹1,721.48 crore). Commenting on the bank’s performance, Sharad Sharma, Managing Director, State Bank of Mysore (SBM), said “During the fourth quarter, a combination of factors like reduction in cost of deposit, NPA reduction, high yield on advances and good amount of cash recovery helped us post good profits.”
“During the quarter, the bank was able to recover ₹202 crore of stressed assets (NPAs),” he added.
For the whole year (2013-14), the bank’s profits were lower by 34.09 per cent at ₹27,425 crore as against ₹41,610 crore in 2012-13.
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