state bank of mysore Management discussions

In terms of compliance with the SEBI (Listing Obligations & Disclosure Requirements) (Amendment) Regulations 2018, following ratios have changed by more than 25%, as per details given below:

(in %)	Mar 22	Mar 23	Variation (bps)	% Change
Net Profit Margin	10.02	13.62	360	35.92
ROE	13.92	19.43	551	39.60

Net Profit Margin:

Net Profit registered YoY growth of 58.58% (from Net profit of 31,676 Crore in FY2022 to Net Profit of 50,232 Crore in FY2023) as against YoY growth of 16.68% in Total Income (from 3,16,021 Crore in FY2022 to 3,68,719 Crore in FY2023).

Return on Net worth (ROE):

Net Profit registered YoY growth of 58.58% (from Net profit of 31,676 Crore in FY2022 to Net Profit of 50,232 Crore in FY2023) as against YoY growth of 14.99% in Net Worth of your Bank (from 2,40,502 Crore in FY2022 to 2,76,563 Crore in FY2023).

RESPONSIBILITY STATEMENT

The Board of Directors hereby states:

i. that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. that they have selected such accounting policies and applied them consistently and made judgements and estimates as are reasonable and prudent, so as

to give a true and fair view of the state of affairs of your Bank as on the 31^st March 2023, and of the profit and loss of Your Bank for the year ended on that date;

iii. t hat they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Banking Regulation Act, 1949 and State Bank of India Act, 1955 for safeguarding the assets of your Bank and preventing and detecting frauds and other irregularities;

iv. that they have prepared the annual accounts on a going concern basis;

v. that the internal financial controls had been laid down, to be followed by your Bank and that such internal financial controls are adequate and were operating effectively; and

vi. that proper system had been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENT

During the year, Shri Ashwani Bhatia, Managing Director, superannuated on 31^st May 2022 and Shri Alok Kumar Choudhary was appointed as Managing Director on the Board w.e.f. 7^th June 2022. Dr. Vivek Joshi was nominated as Director on the Board u/s 19 (e) of SBI Act, 1955, w.e.f. 15^th November 2022 vice Shri Sanjay Malhotra. Shri Sanjeev Maheshwari retired from the Board on 19^th December 2022 upon completion of his term.

The Directors place on record their appreciation for the contributions made by Shri Ashwani Bhatia, Shri Sanjay Malhotra, and Shri Sanjeev Maheshwari to the deliberations of the Board.

The Directors welcome Shri Alok Kumar Choudhary and Dr. Vivek Joshi as new Directors on the Board.

The Directors also express their gratitude for the guidance and co-operation received from the Government of India, RBI, SEBI, IRDA and other government and regulatory agencies.

The Directors also thank all the valued clients, shareholders, Banks and financial institutions, stock exchanges, rating agencies and other stakeholders for their patronage and support and take this opportunity to express their appreciation for the dedicated and committed team of employees of your Bank.

For and on behalf of the

Central Board of Directors

- Chairman

Date: 18th May 2023