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State Bank of Mysore (SBM) registered a 29.51 per cent growth in net profit for the September quarter on higher interest income and lower provisioning.
The Bengaluru-headquartered bank reported a net profit of ₹131.98 crore for the quarter ended September against ₹101.90 crore in the corresponding quarter last year. Net interest income, the difference between interest earned and expended, grew 2.46 per cent to ₹526.27 crore during the quarter against ₹513.61 crore in the corresponding quarter last year.
Gross non-performing assets (GNPAs) were lower at ₹2,175.79 crore (₹2,519.20 crore in Q2 last year), and so were the net NPAs which stood at ₹1,128.10 crore (₹1,424.21 crore) on better recovery.
GNPAs, as a percentage of advances, stood at 4.19 per cent (5.07 per cent), while net NPAs were lower at 2.22 per cent (2.94 per cent). SBM’s provision coverage ratio to gross NPAs stood at 71.54 per cent.
State Bank of Mysore’s shares ended marginally lower at ₹426.75 on the BSE on Monday.
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