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State Bank of Mysore net up 52 p.c.

BANGALORE: State Bank of Mysore has reported a net profit of Rs. 176.38 crores during 2003-04 against Rs. 115.71 crores in the previous fiscal, a growth of 52 per cent. The bank has recommended a dividend of 60 per cent to its shareholders, SBM Managing Director, Y. Vijayanand, told reporters here. The bank registered a 19.5 per cent jump in advances at Rs. 6,632.23 crores against Rs. 5,549.83 crores.

Deposits stood at Rs. 10,860.47 crores against Rs. 8,792.71 crores. He said the bank had reduced its net non-performing assets to 2.96 per cent from 5.19 per cent and added that SBM intends to reduce the net NPA to less than one per cent.

— Our Staff Reporter

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