State Bank of Mysore announced their financial results for the year ending 2011-12.
The toatl business of the bank reached Rs.90,839 crores,of which deposits showed an increase of 16.10% amounting to Rs.50,186 crores and advances grew by 18.03% amounting to Rs.40,653 crores.
The operating profit for the year is Rs.1059.61 crores registering a decline of 9.72%.Addressing the media the Managing Director Ms.Hamshini Menon said that the dip in operating profit is due to the marginal decline in net interest income and higher overheads and staff expenses as the bank recruited many staff both clerical and probationery officers during last year.
The net profit also showed a decline of 26.26% to Rs.369.15 crores.The reason is due to higher standard assets provision,provision for bad debts,restructured advances and depreciation on investments accounted for the higher provisions. During the year NPA's registered an increase from Rs.863.74 crores to Rs.1502.62 crores in 2011-12.This increase in NPA is largely due to agricultural segment as many pars of the state is reeling under drought.The gross NPA is 3.705 and net NPA is 1.93%.The banks has declared an interim dividend of 100% for the year 2011-12.