SBT net down 24% in H1

Total business moved to Rs 1,58,832 crore, up 19.28 per cent, from Rs 1,33,162 crore last year

State Bank of Travancore (SBT), an associate bank of state-run SBI, recorded a 23.97 per cent drop in net profit at Rs 241 crore for the six-month (Apr-Sept, H1) period of the current financial year as against Rs 317 crore in the same period last fiscal.

During the period, net interest income (NII) rose 14.86 per cent to Rs 1,182 crore from Rs 1,029 crore. Non-interest income too increased to Rs 398 crore from the last year’s Rs 272 crore.

Deposits grew 21.44 per cent to Rs 91,505 crore from Rs 75,352 crore. Non-resident Indian (NRI) deposits were up Rs 3,831 crore to Rs 23,143 crore. Advances saw a net addition of  Rs  9,517 crore to reach Rs 67,327 crore.

The bank's total business moved upwards to Rs 1,58,832 crore, an increase of 19.28 per cent, from Rs 1,33,162 crore last year. Operating profit (before provisions) grew 13.72 per cent at Rs 729 crore.

Capital to risk weighted assets ratio (CRAR) of the bank for the Apr-Sept period was at 10.13 per cent as against 11.31 per cent.  However, on the weaker side, gross NPAs stood at 3.50 per cent compared with 2.98 per cent during the corresponding period last year. Net NPA was at 2.07 per cent against 1.74 per cent, a bank release said.

During the Apr-Sept period, it opened nine new branches taking the total to 1,022.