BUSINESS PERFORMANCE & FINANCIAL
RESULTS (REVIEWED) UPTO DECEMBER - 2006
State Bank
of Mysore announced its financial results (reviewed) for
the quarter ended December, 2006, recording growth in net
profits, deposits and advances. The net profit at Rs. 165.25
crores has recorded 19.88% increase over the net result
as at 31st December `05 (Rs.137.84 crs) mainly on account
of an increase in net interest income by 15.70% and lower
depreciation on investments.
The operating
profit at the end of the Quarter at Rs. 327.47 crores
was however lower than the relevant figures in the
corresponding period of 2005-06 (Rs.349.92 crs) primarily
due to lower income on treasury operations.
The total income of the Bank has
registered an impressive growth of 20.77% (Y-o-Y) from
Rs.1238.18 crores during corresponding period of 2005-06
to Rs.1495.40 crores during the current fiscal. The
Interest Income registered an year on year increase
of 29.14% from Rs.987.81 crores as at 31.12.2005 to
Rs.1275.65 crores during the current year. Non-Interest
income, other than Treasury, posted a Y-o-Y growth
of 13.61%.
Gross Non Performing Assets of the
Bank stood at Rs.389.95 crores, i.e., a decrease
of Rs.51.81 crores over 31st December 2005 levels.
Gross
NPA percentage improved to 2.51% of the gross advances
from 3.95% as on 31st December 2005 and 3.30% as
on 31st March 2006. Net Non Performing Assets are at
Rs.56.11
crores (0.37%) against Rs.89.01 crores (0.82%) as
on 31st December 2005 and Rs.86.46 crores (0.74%) as
on
31st March 2006.
The Aggregate deposits of the Bank
reached the level of Rs.19,523 crores, registering
a growth of Rs.3344 crores (27.56% annualized) over March,
2006. Personal segment deposits accounted for 46.05%
of the aggregate deposits.
The total advances of the Bank stood
at Rs.15563 crores, registering an annualized growth
of 38.68% over March, 2006. Due to additional thrust
given
for retail business, the Agricultural & Personal
segment advances improved by Rs.459 crores (38.41% annualized)
and Rs.533 crores ( 30.55% annualized) respectively over
March, 2006 levels. Housing loans and Education loans
together
registered a growth of Rs.404.91 crores over March, 2006
levels. The disbursements to agricultural sector up to
the end of December 2006 were to the tune of Rs.1,100
crores, as against Rs.933 crores up to December 2005.
Foreign Exchange turnover of the
Bank, registered a growth of 59.12% (annualized) over
December’2005 levels from Rs.12,402 crores to
Rs.17,901 crores.
The
Bank has extended financial assistance to 16494 Self
Help Groups to an extent of Rs.133.93 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 network during
2006-07 by adding 17 General Banking Branches, and
increasing the ATM network by 60 ATMs over the present
level of 215 ATMs, all of which are networked with
the over 5700 ATMs of the State Bank Group.
