SBT net profit up by 31 percent in Q3
The State Bank of Travancore (SBT), has posted a net profit of Rs.132 crore or 31 percent in the third quarter of the current fiscal, up from Rs.101 crore in the corresponding quarter of the previous year.
"Growth in advances resulting in a higher net interest income aided the bank to achieve a growth in the net profit," P. Nandakumaran, managing director of the bank, said Monday.
At the end of the third quarter of the current fiscal, the net operating income of the bank rose from Rs.1,799 crore to Rs.1,975 crore, a growth of 9.75 percent on the year-on-year basis.
Gross non-performing assets (NPAs) increased to 3.04 percent from 2.82 percent at the end of the corresponding period last year, while net NPAs stood at 1.83 percent against 1.64 percent.
The total business of SBT, an associate of the State Bank of India, stood at Rs.1,45,603 crore and deposits increased by 21 percent to touch Rs.80,043 crore.
NRI deposits registered an impressive growth of Rs.4,518 crore showing a year-on-year growth of 32 percent.
The gross advances rose by 17 percent to reach Rs.65,560 crore.
The bank has linked the accounts of more than one lakh customers to their Aadhaar numbers.
The bank has increased its presence in another 75 new centres in 2012-13 period, taking the total number of branches to 954, including 734 in Kerala.