Bengaluru-headquartered State Bank of Mysore, an associate bank of SBI on Wednesday said, its net profit for the first quarter of FY 16 stood at Rs. 94 crore up 26 per cent when compared to Rs. 74.77 crore during the same period last year.
The total income of the bank for the Q1 ended June 30, 2015 stood at Rs 1,951.65 crore as against Rs 1,867.73 same period last year, registering a growth of 4 per cent, it said in a regulatory filing.
During the April-June period of FY 16, the gross NPAs declined to 4.21 per cent from 5.13 percent same period last year, while net NPAs also declined to 2.10 per cent from 2.72 percent. The provisio coverage ratio of the bank improved from 65 per cent to 72 per cent.
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SBM also said its board gave approval to raise tier 2 capital of Rs 500 crore by early next year. On BSE the shares of the bank closed at Rs 477.80 up 3.20 per cent.