Part of the State Bank group, State bank of Mysore (SBM) has announced a 35 per cent increase in its net profit for the quarter ending June 30. In money terms, it is at Rs. 111.39 crore said the Bangalore-based bank.

The operating profit of the bank for the quarter was at Rs 269.96 crore that is 55 per cent higher than the same period for the last year. Most of the growth came from the growth in the net interest income that increased by 60.8 per cent.

In money terms that stood at Rs.386.15 crore.

Growth on the total income side was at a moderate level of 9.07 per cent to close at Rs 1,067.57 crore.

Reduction in SBM's interest rate and low level of treasury growth is the reason behind this. However, the good news is that SMB was able to contain its costs during this period as well.

In totality, the business of the bank crossed the Rs.70, 000 crore mark and ended at Rs.70, 092 crore. Deposit base of the bank increased by 17.70 per cent to end at Rs.39, 489 crore.