SBT Q2 profit declines 59% to Rs 55 cr

The total income in the period under review increased to Rs 2,566.09 cr from Rs 2203.92 cr in the year-ago period

State Bank of Travancore (SBT), an associate bank of the State Bank of India, on Tuesday reported 59 per cent decline in net profit to Rs 55.34 crore for the July-September quarter. It had posted a net profit of Rs 135.63 crore for the corresponding period last year.

The total income in the period under review increased to Rs 2,566.09 crore from Rs 2203.92 crore in the year-ago period, SBT said in a filing to the BSE. During the first half of the current financial year, the bank's net profit slipped by 24 per cent to Rs 241 crore, as against Rs 317.07 crore in the corresponding period last year.

The total income rose to Rs 5,183.14 crore in the first six months from Rs 4,445.91 crore in the year-ago period. As of September 30, gross non-performing assets (NPAs) of the bank were 3.50 per cent of gross advances, as against 2.98 per cent a year ago. Its net NPAs rose to 2.07 per cent from 1.74 per cent.