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State Bank of Travancore posted a 62.54 per cent rise in net profit to ₹81.32 crore during the first quarter ended June 30, 2015, up from ₹50 crore in the corresponding year-ago period.
The bank braved a 203 per cent increase in tax expenses and a near-stagnant total income year-on-year. Operating profit before accounting for provisions and contingencies rose 65.30 per cent. There was a cutback of around 15 per cent in non-performing assets (NPAs) both at the gross and net levels.
No big slippageProvisions and contingencies rose 47.71 per cent year-on-year, while those for NPAs alone increased 10.88 per cent.
Jeevandas Narayan, Managing Director, SBT, told BusinessLine that the slippages were confined to a few SME (small and medium enterprise) and retail accounts which were manageable on the whole.
There were no fresh slippages on the corporate side, and the profit would have been higher had it not been for the hardening of yields and the ensuing hit on government securities on its books, he said.
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