The Hindu : SBM to pay 40 p.c.

Online edition of India's National Newspaper
Sunday, Jun 01, 2003

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Business

SBM to pay 40 p.c.

By Our Special Correspondent

BANGALORE MAY 31. State Bank of Mysore (SBM) has proposed a dividend of 40 per cent and posted a net profit of Rs. 115.92 crores for the year ended March 31, 2003 against Rs. 65.90 crore in 2001-02.

Speaking at a press conference here today, Sitarama Murty, Managing Director, said the operating profit was higher at Rs. 352.75 crores against Rs. 234.79 crores, up 50.24 per cent, an all time high for the bank.

Total income has improved to Rs. 1,330.99 crores from Rs. 1,204.39 crores. Average business per employee increased from Rs. 124.96 lakhs to Rs. 146.49 lakhs, he added.

Mr. Murty said due to better management and deployment of funds, interest income grew by Rs. 66.01 crores to Rs. 1,037.13 crores, despite declining interest rates. Non-interest income increased to Rs. 293.86 crores from Rs. 233.26 crores.

Aggregate deposits have increased from Rs. 8,207.24 crores to Rs. 8,792.71 crores.

The cost of deposits has declined to 6.89 per cent from 7.71 per cent. Despite poor credit off-take in general, advances have increased to Rs. 5,549.83 crores from Rs. 5,173.97 crores.

The bank disbursed housing loan of Rs. 297.01 crores and educational loan of Rs. 31.55 crores. Priority sector advances have increased by Rs. 277.90 croes, registering a growth of 43.19 per cent.

Mr. Murty said the foreign exchange business of the bank touched Rs. 7,561.52 crores, a rise of Rs. 753.84 crores.

The bank's gross and net NPAs had come down to Rs. 562.01 crores and Rs. 272.90 crores from Rs. 624.21 crores and Rs. 361.51 crores respectively.

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