SBM yearly net up 12.3 % at Rs 500.62 crore

SBM yearly net up 12.3 % at Rs 500.62 crore
State Bank of Mysore (SBM) reported a 12.3 per cent rise in net profit for the year ending March 31, 2011 at Rs 500.62 crore compared to the previous fiscal. The rise profit was slightly subdued by the increase in provisions for non performing assets as quoted by SBM's Managing Director Dilip Mavinkurve.

Net interest income for the year rose 32.3 per cent from Rs 1,236 crore in the previous year to Rs 1,636 crore, while net interest margin went up to 3.71 per cent from 3.19 per cent a year ago. Cost of deposits declined to 5.56 per cent from 6.01 per cent due to increase in CASA (current account, savings account) share from 31.06 per cent to 33.97 per cent.

Commenting on the expected financial performance in FY12, Mavinkurve said, “The bank proposes to reach a business level of over Rs 96,000 crore in the year 2011-12 aiming a growth rate of 23 per cent, from the present level of Rs 77,667 crore."

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