State Bank Of Patiala Net Up 23%

The State Bank of Patiala has posted a 23.27 per cent growth in net profit to Rs 161.1 crore as against Rs 130.69 crore registered last year.

According to a press release issued by the bank, the surge is despite the additional expenditure incurred on account of voluntary retirement scheme (VRS).

Total income of the bank went up by 13.42 per cent against a 12.35 per cent increase in total expenditure. EPS improved from Rs 528 to Rs 651 and the book value of Rs 100 shares improved from Rs 3,156 to Rs 3,760.

Similarly, returns on assets and equity have improved to 1.12 per cent and 17.31 per cent from 1.06 per cent and 16.73 per cent, respectively. Net worth has increased by 19.14 per cent to Rs 930.7 crore.

Even after substantial outgo on account of payment to VRS optees, the capital adequacy ratio of the bank stood at 12.37 per cent, which is well above the RBI stipulation of 9 per cent.

The bank's business level exceeded Rs 18,600 crore as on March 31, 2001. Based on the year's performance, the board of directors have declared a 35 per cent dividend this year. The bank achieved all the benchmarks under priority sector advances.