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State Bank of Travancore net profit increases 24 per cent

Posted on Nov 02, 12:36PM | UNI

Public lender State Bank of Travancore (SBT) today said its net profit for the first half year ended September 2012 was at Rs 317.07 crore, an increase of 24 per cent over Rs 256.20 crore during the corresponding period of previous year.

The profit before tax during the period was at Rs 641.43 crore, compared with Rs 580.40 crore during the corresponding period a year ago.

Net interest income (NII) increased by 14 per cent from Rs 874.21 crore to Rs 993.73 crore in the year ago period.

Net interest margin (NIM) increased by 2.50 per cent, as against 2.63 per cent in September 2011.

The capital to risk weighted assets ratio (CRAR) of the Bank increased during the period by 12.41 per cent [under Basel II framework], as against 12.18 per cent last year.

Net non-performing assets (NPAs) were at 1.74 per cent, as against 1.77 per cent a year ago.

The total business of the Bank had crossed Rs 1,34,000 crore as on September 30. While, the deposits increased by Rs 3,882 crore to Rs 75,352 crore from Rs 71,470 crore as on March 31, 2012.

The Bank opened 46 new branches during the half year ended September 30, taking the total number of branches to 925.