State Bank of Mysore announced its financial results (reviewed) for the half year ended September, 2007, recording growth in net profits, deposits and advances .

• The Bank has earned a net profit at Rs. 164.02 crores for the half year registering an increase of 48.70% over September ‘06 (Rs.110.30 crs) The increase is mainly on account of a robust year on year growth of 46% in interest income .

• The Bank’s Capital Adequacy Ratio stood at 11.12% as at September 2007 against the regulatory benchmark of 9%.

• The operating profit at the end of the 2nd Quarter at Rs. 260.55 crores is higher than the figures in the corresponding period of 2006-07 (Rs.202.79 crs).

• The total income of the Bank has registered an impressive growth of 44.60% (YoY) to reach Rs. 1365.38 crores from Rs.944.26 crores during first half of 2006-07 . The Net Interest Income increased by 13.20% from Rs.346.47 crores to Rs.392.21 crores.

• Gross Non Performing Assets of the Bank declined to Rs.365.96 crores. Gross NPA percentage declined to 2.00% of the gross advances from 2.87% as on 30th September 2006 and 2.29% as on 31st March 2007. Net Non Performing Assets ratio also declined to 0.34% from 0.45% in March 2007.

• The Aggregate deposits of the Bank reached the level of Rs.23748 crores, registering a year on year growth of 33.18% and compared favorably with All Scheduled Commercial Bank average of 24.41%. Personal deposits accounted for 45.14% of the aggregate deposits.

• The total advances of the Bank stood at Rs.18326 crores, registering a year on year growth of 33.52% over September 2006 exceeding the All Scheduled Commercial Bank Average of 22.40% . Due to additional thrust given for retail business, the Agricultural & Personal segment advances improved by Rs.221 crores (20.26% annualized) and Rs.359 crores ( 24.04% annualized) respectively over March, 2007 levels. Housing loans and Education loans together registered a growth of Rs.85 crores over March, 2007 levels. The disbursal in agricultural advances upto September 2007 is Rs. 881 crores. SME advances improved by Rs. 386 crores on year on year basis at 24.26%.

• Foreign Exchange turnover of the Bank, registered a growth of 44% ( annualized) over September’2006 levels.
  
  
• The Bank has extended financial assistance of Rs. 201.98 crores to 25973 Self Help Groups . The Bank has secured second prize for the year 2006-2007 in SHG – Bank Credit Linkages.
  
  
• The Bank has also been awarded “Special Award for Excellence in Micro Enterprises for 2006-07” by Government of India, Department of MSME, New Delhi.

• The Bank has increased the number of ATMs to 300 all of which are networked with the over 7200 ATMs of the State Bank Group.

• The Bank is implementing Business Process Re-Engineering to enhance customer satisfaction.

• The Bank has been responding to the changing needs and preferences of customers and has been introducing new products & services. The Bank’s “MYBANK SURAKSHANA” which provides free life insurance cover to eligible depositors is the latest one and is the first of its kind in Indian Banking.

• ITES like Internet Banking, RTGS, NEFT are available to Bank’s customers at all the 650 branches

  BANGALORE 19th Oct 2007		P.P.PATTANAYAK MANAGING DIRECTOR

State Bank of Mysore
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.
Fax: 91 80 22384480