BUSINESS PERFORMANCE & FINANCIAL
RESULTS (REVIEWED) UPTO SEPTEMBER - 2006
State Bank
of Mysore announced its financial results (reviewed) for
the half year ended September, 2006, recording growth in
net profits, deposits and advances . The net profit at
Rs. 110.30 crores has recorded 12.27% increase over the
net result as at 30th September `05 (Rs.98.24 crs) mainly
on account of a robust growth in interest income on advances
by 39%, year on year.
The operating
profit at the end of the Quarter at Rs. 215.84 crores
was however lower than the relevant figures in the
corresponding period of 2005-06 (Rs.228.10 crs) primarily
due to lower income on treasury operations and higher
depreciation on computer hardware /ATMs.
The total income of the Bank has
registered an impressive growth of 17.45% (YoY) from
Rs.814.86 crores during first half of 2005-06 to Rs.957.32
crores during the current fiscal. The Net Interest
Income increased by 20.22% from Rs.288.18 crores to
Rs.346.47 crores.
Gross Non Performing Assets of the
Bank stood at Rs.393.23 crores, i.e., a decrease of
Rs.64.22 crores over 30th September 2005 levels. Gross
NPA percentage declined to 2.87% of the gross advances
from 4.42% as on 30th September 2005 and 3.30% as on
31st March 2006. Net Non Performing Assets are at Rs.51.23
crores (0.38%) against Rs.103.51 crores (1.03%) as
on 30th September 2005 and Rs.86.46 crores (0.74%)
as on 31st March 2006.
The Aggregate deposits of the Bank
reached the level of Rs.17,832 crores, registering a
growth of Rs.1,654 crores (20.44% annualised) over March,
2006. Personal segment deposits accounted for 47.60%
of the aggregate deposits.
The total advances of the Bank stood
at Rs.13,725 crores, registering an annualised growth of
27.56% over March, 2006. Due to additional thrust given
for retail business, the Agricultural & Personal segment
advances improved by Rs.407 crores (51.07% annualised)
and Rs.316 crores (23.41% annualised) respectively over
March, 2006 levels. Housing loans and Education loans together
registered a growth of Rs.236 crores over March, 2006 levels.
The disbursements to agricultural sector upto the end of
half year September 2006 were to the tune of Rs.729 crores,
as against Rs.461 crores up to September 2005 in the last
fiscal. Priority sector advances stood at 41.12% of Net
Bank Credit.
Foreign Exchange turnover of the
Bank, registered a growth of 41.60%( annualised) over
September’2005 levels.
The
Bank has extended financial assistance to 13,076 Self
Help Groups to an extent of Rs.107.85 crores. For its
efforts in extending assistance to SHGs, NABARD have
awarded the Bank the first prize for the year 2005-2006
in SHG – Bank Credit Linkages achievement amongst
commercial banks in Karnataka. Bannur Branch of the Bank
in Mysore District has also been adjudged as the second
best branch amongst commercial bank branches in Karnataka
in SHG – Bank credit linkage.
The
Bank has plans to expand its branch net work during
2006-07 by adding 17 General Banking Branches, and
increasing the ATM Network by 125 ATM over the present
level of 215 ATMs, all of which are networked with
the over 5700 ATMs of the State Bank Group.
The Bank has maintained good progress
in implementation of BPR initiatives. As on 30.09.2006,
the Bank has 159 Grahakmitra in 43 centres, 445 Cheque
Drop Boxes, a Retail Assets Centralised Processing
Cell (RACPC) covering 101 branches, a Small Enterprises
Centralised Cell (SECC) covering 101 branches at
Bangalore, and 2 Retail Assets and Small Enterprises
Centralised Cell (RASECC) covering 78 branches in
Mysore & Hubli and a Micro Market Study Centre.
The Bank further plans to establish RASECC in 6 centres
and a Trade Finance Cell and Centralized Pension
Processing Cell at Bangalore.
