SBT net dips 73% to Rs 50 cr

State Bank of Travancore (SBT) recorded a 73% fall in net profit in the first quarter of the current financial year at Rs 50.03 crore as compared with Rs 186 crore in same period last year. Net interest income stood at Rs 525 crore at the end of the quarter, compared with Rs 582 crore. Total non-interest income was at Rs 221 crore as against Rs 253 crore. Total income improved from Rs 2,617 crore to Rs 2,644 crore last year.

The bank recorded a total business of Rs 1,63,801 crore as at the end of the first quarter.  Deposits grew  5.71 per cent  to Rs 93,806  crore from Rs 88,736 crore as on June 30, 2013. NRI deposits showed a growth of Rs 1,547 crore to reach Rs 26,510 crore. Advances, on the other hand, was at Rs 69,995 crore as against 67,640 crore, registering a year-on-year growth of 3.48 per cent.

The capital-to-risk weighted assets ratio of the bank  stood at 10.28 per cent  (under Basel III) as against 9.77%  in June 2013.  Gross NPAs stood at 4.69 % while net NPAs was at 2.93 %.

SBT stated its mobile banking registrations increased by 6,083 during the quarter, reaching 167,000. Internet banking accounts too increased by 35,741, taking the total number of registrations to 752,000.

As at the end of the first quarter, the total number of branches touched 1,127 and the total ATMs at 1,383. IT has  824 branches and 1,092 ATMs in Kerala. As part of financial inclusion, it has covered all the villages allotted and opened  2.5 million ‘Basic Savings Bank Deposit’ accounts up to June 30, 2014.