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Corporate Results - Public Sector Banks
Money & Banking - Financial Performance


SBM net up 52%; to pay 60 pc

Our Bureau

Bangalore , May 7

STATE Bank of Mysore has reported a net profit of Rs 176.38 crore for the year 2003-04, up by 52 per cent over the last fiscal.

It has also recommended a 60 per cent dividend. SBM's aggregate deposits grew 23.52 per cent during the fiscal to touch Rs 10,860.5 crore, while advances grew 19.5 per cent to touch Rs 6,632.23 crore.

Retail and priority sector advances would continue to form the bulk of advances in the current fiscal, said Mr Y. Vijayanand, SBM Managing Director. He added that about Rs 1,050 crore would go to those two sectors.

Housing finance would form a larger share of total advances, he said, adding that the bank was also planning to focus on the personal segment.

Deposits stood at Rs 10,860.47 crore in the last fiscal, up by 23.52 per cent over Rs 8,792.71 crore in 2002-03. The bank targets a deposit growth of Rs 2,500 crore during the current fiscal, "assuming interest rates remain stable,'' Mr Vijayanand said.

During the year, the bank's net interest income grew 17.53 per cent to touch Rs 454.4 crore while non-interest income grew to Rs 340.42 crore with sizeable contributions from the Government and treasury business.

Gross NPA has come down to Rs 514.53 crore (7.76 per cent) and net NPAs declined to Rs 186.38 crore (2.96 per cent).

More Stories on : Public Sector Banks | Financial Performance

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