STATE BANK OF MYSORE REPORTED HUGE LOSS FOR 3RD QUATER

State Bank of Mysore (SBM), an SBI associate, today reported a loss of Rs 20.25 crore for the quarter ended December 31, on higher provisioning.

The bank's net profit during the corresponding quarter in 2015-16 was Rs 26.94 crore.

Total income increased to Rs 1,978.85 crore during the reported quarter from Rs 1,940.22 crore earned in the year ago period, the bank said in a BSE filing.

During the October-December quarter of 2016-17, the bank made provisioning and contingencies to the tune of Rs 384.85 crore as against Rs 253.91 crore in the previous fiscal.

The gross non-performing assets (NPAs) were at 14.46 per cent of the gross advances as of December 31, as against 5.48 per cent in last fiscal.

Net NPAs or bad loans stood at 9.22 per cent of net advances, slightly up from 3.12 per cent a year ago.