SBM’s Q4 net profit up by 41% FY 14

Posted on Apr 25 2014 - 10:14pm by IBC News

State Bank of Mysore released the financial results for the financial year that ended 31st March, 2014.

The highlights being:

  • CASA Ratio improves by 189 bps to 33.25%.
  • Net Interest margin (NIM) continues to be healthy at 3.02%.
  • Bank has recorded 23% year on year growth in Agri advances.
  • 21% year on year in SME advances.

SBM’s Managing Director, Sharad Sharma said the total bank business crossed ₹1.12 lakh crores as on March 2014. The bank has continued its focus on retail business with retail deposits growing at a healthy rate at 24.5% during the year. The home loans grew by 18% and Auto loans by 24%.

Q-o-Q Net profit has gone up from ₹76 cr to ₹107 cr, an increase of 41%. Gross NPAs level declined significantly from ₹ 3,032 crs during Q3 FY14 to ₹ 2,819 crs during  FY 14.

During the previous financial year the bank has installed 254 ATMs  increasing the number to 1107 which is approximately 30% increase. Bank has also installed 2171 POS machines, 300 Green Channel Machines.

During this centenary year, the Bank opened 164 branches taking the total network of branches to 944 as on March 2014. The Bank has been taking lead roles in EBT for the distribution of pension and Direct Benefit Transfer for LPG consumer in 3 districts of Karnataka.

As part of Corporate Social Responsibility, in the centenary year, Bank has donated ₹ 1.57 crs to Kidwai Memorial Institute of Oncology for the construction of multi-disciplinary paediatric ward named ‘State Bank of Mysore Centenary block’ for augmenting facilities for treating children affected with cancer. Cheif General Managers  Mr . Kalyan Mukherjee and Mr. Shashwath Chaudari presided the event.

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