State Bank of Travancore reports 8.5% rise in net

State Bank of Travancore (SBT), an associate bank of State Bank of India, on Friday reported an 8.5 per cent rise in net profit at Rs 166 crore for the quarter ended March.

For the full year, SBT reported net profit of Rs 615 crore, rising 21 per cent over the previous year. Total income increased 24 per cent to Rs 9,288 crore, rising 24 per cent year-on-year.

Gross non-performing assets (NPA) were at 2.56 per cent of all assets, while the net NPA was 1.46 per cent.

Net interest margin (NIM) came down 20 basis points to 2.56 per cent from a year ago.

The bank’s provisioning coverage ratio was 62.03 per cent. Capital adequacy ratio (CAR) was 11.7 per cent with tier-1 capital of 8.46 per cent.

SBT said in a statement that it has achieved priority sector lending norms.

The lender also declared dividend of Rs 20 per share for FY13.