NEW DELHI: SBI associate State Bank of Mysore today reported a fall of 22.9 per cent in net profit at Rs 104.86 crore for the fourth quarter ended March 31, due to higher provisioning for employee cost and rising bad loans.
SBM's net profit in the corresponding quarter of 2014-15 stood at Rs 135.97 crore.
Total income of the bank was Rs 2,076.02 crore during the final quarter of 2015-16, slightly up from Rs 2,051.23 crore in the same period of the corresponding previous fiscal, SBM said in a regulatory filing.
Provisions and contingencies worth Rs 263.42 crore were parked aside during the quarter as against Rs 184.49 crore in the year ago period.
Bank's asset quality slipped further during the quarter with gross non-performing assets (NPAs) rising to 6.56 per cent of gross advances as on March 31, as against 4 per cent a year ago.
Likewise, net NPAs or bad loans were 4.18 per cent of the net advances, up from 2.16 per cent in the year ago period.
The amount of "Rs 14.28 crore has been provided against unhedged foreign currency exposure of the borrowers as on March 31, 2016. The bank during the year ended March has paid Rs 166.72 crore on account of wage arrears relating to the period from November 2012 to March 2015 out of provision of Rs 201.87 crore made in earlier years," it said.
For the full fiscal, bank's net profit fell 12.5 per cent to Rs 357.85 crore from Rs 408.80 crore profit registered during 2014-15.
Total income in the fiscal was at Rs 7,937.85 crore as against Rs 7,707.59 crore a year ago.
State of Mysore also informed that the Board of Directors in a meeting held today declared dividend of 60 per cent or Rs 6 per share.
Shares of the bank closed 1.57 per cent down at Rs 389.30 apiece on BSE.