The Hindu Business Line : SBT net rises 14 pc in third quarter

State Bank of Travancore (SBT) has recorded an increase of 13.65 per cent in net profit during the first nine months of 2006-07 over the corresponding period the previous year.

The net profit rose to Rs 185.82 crore from Rs 163.50 crore last year. The operating profit increased by 21.24 per cent to reach Rs 638.62 crore from Rs 526.75 crore, according to a statement from SBT.

The net interest income went up on a year-to-year basis by 14.44 per cent to Rs 815.09 crore as against Rs 712.27 crore during the same period last year. The non-interest income, excluding treasury income, rose by 38.27 per cent on a year-to-year basis to Rs 211.45 crore from Rs 152.92 crore.

The total business reached Rs 53,636 crore as at the end of December 2006. The aggregate deposits grew by Rs 4,250 crore to touch Rs 29,868 crore, while the gross advances went up by Rs 4,208 crore to Rs 23,451 crore.

The credit-deposit ratio of the bank in Kerala rose to 64.48 per cent during the period under review from 59.96 per cent as at the end of March 2006. The CD ratio as a whole reached a level of 77.35 per cent.

On the deposits side, the personal segment deposits grew by Rs 2,159 crore as against Rs 1,250 crore in the previous year. In the non-resident Indian segment, the growth was to the tune of Rs 702 crore as against a growth of Rs 555 crore in the previous year.

The growth in advances was powered by retail lending, which went up by 1,920 crore as compared to Rs 1,675 crore in the previous year. The share of retail lending constituted 53.01 per cent of the total advances.

The priority sector advances grew by Rs 1,413 crore during the period. The percentage of priority sector lending to total advances was at 42.93 per cent as against the benchmark of 40 per cent.

During the current year, the bank has so far opened seven new branches and three off-site ATMs. Another 10 more branches are proposed to be opened before the end of the current financial year, out of which nine will be in Kerala.

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