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State Bank of Mysore Net Profit (FY15 over FY14) Increases 49% | ||
Bengaluru, Karnataka, India The Board of Directors of State Bank of Mysore approved the financial results for the year ended 31st March 2015 at its meeting held in Mumbai on 23rd April 2015. Bank has recorded impressive performance, y-o-y, on the Profitability front and Asset Quality, besides expanding its retail business base, as reflected in the following parameters:
1. Profitability Metrics: The Bank recorded its highest profit in 2 years by posting Net Profit of Rs. 409 crs, an impressive 49% growth over FY14.
Non-Interest income increased by 34% to Rs.768 crs, buoyed by 154% increase in recovery in Written-off accounts, which constitute 27% of Net Income. The Bank also recorded higher profit on Commission/brokerage, Fee based income, Forex & Treasury transactions.
2. Asset Quality: Due to the pro- active steps taken by the Bank in recovery of NPAs and through strategic sale of impaired assets Gross NPA declined to Rs. 2,136 crs (4.0%) from a high of Rs. 2,819 crs (5.54%) in Mar'14 . The Net NPA declined to Rs. 1,122 crs (2.16%) from Rs. 1,630 crs (3.29%) in Mar'14. The reduction has taken place across all segments & sectors. SBM is one of the few Banks to have successfully bucked the trend of rising NPAs and achieved reduction in both absolute and %age terms.
Provision Coverage Ratio of the Bank improved from 59.5 % to 69.3%.
3. Business / Balance Sheet Metrics The total business of the Bank crossed a business level of Rs. 1,19,300 crs as on 31.03.2015. The deposits increased by 7.3% to reach a year–end level of Rs. 66,064 crs (average level - Rs. 61,662 crs & 10 % growth). The Retail sector advances increased by 16%, though overall growth was muted at 4% as the Bank went slow on Corporate advances, as mentioned above. The overall year-end Advances reached a level of Rs. 53,296 crs (average level - Rs. 48,930 crs & average growth 9%).
The Credit Deposit ratio stood at 81.9% as against the ASCB level of 76.5%. The Investments increased by 7% to register a level of Rs. 20,666 crs. Net profit for the year stood at Rs. 409 crs. The Bank’s Board at its meeting dated 23.04.2015 has approved payment of final dividend of 10% (aggregate - 60%) for the year 2014-15, vis-a-vis 30% declared last year. The dividend payout ratio is 8.46%. 4. Key Financials:
5. Retail Sector:
6. Technology: The Bank installed 227 new ATMs during the year, taking the total number of ATMs installed to 1,334, of which 1,154 are in the State of Karnataka. Our ATMs are part of 51,000 strong ATM network of the State Bank Group. The card base has crossed 54 lacs as on 31st March 2015. The Bank has also installed 4,597 POS machines, besides 400 Green Channel Machines, mobile POS, SSKs and e-lobby which enabled us to migrate 48% of business through ADC.
7. Branch Expansion: The Bank opened 71 Banking branches during the year. The total branch network of branches as on 31st March 2014 stood at 1015, which includes 830 branches in the State of Karnataka. The Bank opened its 1000th branch at Siddharamanhudi,an unbanked village near Mysore.
8. Financial Inclusion : The Bank covered all the allotted 260 villages with a population of above 2,000 and 2,988 villages with population below 2,000, through 38 brick & mortar branches and remaining through BC outlets. The Bank also covered all the 11.97 lakh households in the 713 SSAs and 634 Wards allotted to the Bank with atleast 1 bank account under Pradhan Mantri Jan-Dhan Yojana. Bank has opened 8,07,359 accounts under PMJDY, taking total number of FI accounts opened to 14,91,758, with a balance of Rs.70.54 crs. The Bank has successfully seeded 53% Aadhaar numbers in PMJDY accounts. 7,60,196 (94%) RuPay Cards have also been issued to the PMJDY account holders.
9) Corporate Social Responsibility: During FY14-15, Bank took special interest in dedicating a multi-disciplinary paediatric ward named ‘State Bank of Mysore Centenary Block’ for augmenting facilities for treating children affected with cancer at Kidwai Memorial Institute of Oncology, Bengaluru, constructed with a donation of Rs. 1.57 crs from SBM. The Bank donated over Rs. 95 lacs towards improvement of health services to various hospitals and Research Institutes .
Bank also participated in the Swachchh Bharat Abhiyaan and ear marked Rs. 25 lacs for constructing Green Toilet at rural schools.
For results table, click here |
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