The Hindu : Business : Sharp rise in SBM’s income

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Tuesday, Apr 29, 2008
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Sharp rise in SBM’s income

Corporate Reporter

CHENNAI: State Bank of Mysore (SBM) could achieve a sharp rise in its total income at Rs. 2,916.53 crore in the year ended March 31, 2008 against Rs. 2,126.71 crore in the previous year. Addressing presspersons here on Monday, P. P. Pattanayak, Managing Director of the bank, said the rise in total income was due to a healthy growth in interest and other income.

Aggregate deposits registered a growth of 25.2 per cent to Rs. 26,781 crore from Rs. 21,395 crore while advances rose by 27.1 per cent to Rs. 21,315 crore from Rs. 16,772 crore16,772 crore, Mr. Pattanayak said. Total business of the bank rose by 9,983 crore to Rs. 48,096 crore. The net profit rose by 28 per cent to Rs. 318.86 crore from Rs. 249.23 crore. The bank has a track record of uninterrupted dividend payment and a dividend of 100 per cent has been announced for the year ended March 31, 2008.

Shifts zonal office

The bank’s zonal office, which was hitherto functioning in Bangalore, has been shifted to Chennai and was inaugurated by the Managing Director on Monday.

The Chennai zone has reported a total deposits of 2,256.02 crore and advances of Rs. 3,185.83 crore. According to T. S. Krishna Murthy, Deputy General Manager, Chennai Zonal Office the Chennai zone would concentrate on SME financing in line with national priorities.

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