SBT profit soars 215% to Rs 261 cr

State Bank of Travancore (SBT) registered an impressive 215 per cent rise in net profit to Rs 260.86 crore in the third quarter of the current financial year as against Rs 82.82 crore in the corresponding quarter last year.

The bank has earned a net profit of Rs 415.81 crore for the nine months ended December 2008, an increase of 75.51 per cent y-o-y (Rs 236.91 crore). Total income went up by 22.30 per cent y-o-y to reach Rs 3,439 crore. The interest income grew at 20.96 per cent on year to reach Rs 3,050.63 crore.

The non-interest income grew by 34.12 per cent to Rs 389 crore from last year’s level of Rs 290 crore. The net interest income grew by 34.93 per cent to Rs 954 crore and the net interest margin rose by 44 basis points to 2.84. The capital adequacy of the bank went up to 14.38 per cent under Basel-II framework from 13.53 per cent in March 2008, a bank press statement said.

Gross NPAs declined to 2 per cent of gross advances from 2.14 per cent as on December 2007. The net NPA percentage stood at 1.15 per cent. Total business exceeded Rs 70,000 crore to reach Rs 71,100 crore as against Rs 61,241 crore.