The Hindu Business Line : SBT posts 70% rise in Q2 net profit

Thiruvananthapuram, Oct. 19 State Bank of Travancore (SBT) has recorded 70.37 per cent increase in net profit during the second quarter ended September 2008, over the same period last year.

The bank posted a net profit of Rs 113.83 crore as against Rs 66.81 crore during the corresponding quarter of the previous year. The operating profit was Rs 214.87 crore, which represented a rise of 63 per cent over Rs 132.11 crore achieved during the second quarter of 2007-08.

The interest income rose by 28 per cent to Rs 1,019.03 crore, while the net interest income increased by 65.44 per cent to Rs 311.86 crore. The total income grew by 24.77 per cent to Rs 1,141.86 crore (Rs 915.12 crore).

The operating profit in the first half year was Rs 382.44 crore (Rs 287 crore). The net profit was at Rs 154.95 crore (Rs 154.08 crore).

The capital to risk-adjusted assets ratio (CRAR) of the bank as on September 30, 2008, stood at 13.06 per cent (under Basel II framework) as against 9 per cent as stipulated by the Reserve Bank. The net NPA as on the date was 1.20 per cent, according to a release from SBT.

The deposit base of the bank increased by 21.50 per cent (annualised) during the half year under review to Rs 38,385 crore. The NRI deposits showed a growth of Rs 921 crore to reach Rs 9,324 crore.

The gross advances rose by 15.41 per cent (annualised) to Rs 30,641 crore from Rs 28,448 crore at the beginning of the year. The total business grew by 18.76 per cent (annualised) to Rs 69,026 crore as at the end of September 2008 from Rs 63,106 crore as on March 31, 2008.

The bank has granted waiver/relief of agricultural loans to the tune of Rs 343.84 crore benefiting 1.24 farmers.