State Bank of Travancore gains on robust Q3 earnings

Shares of State Bank of Travancore were up nearly 3% at Rs 405 after the bank reported a 23% increase in its net profit at Rs 91.5 crore in the third quarter despite higher provisioning and higher income from operations.

Net profit for the quarter under review was Rs 74.34 crore compared to the same quarter fiscal.

Total income was slightly higher at Rs 2,660.29 crore for the quarter under review from Rs 2,627.06 crore in the same quarter last fiscal.

The bank has raised its provisions and contingencies to Rs 318.65 crore for the quarter ended December 2015 as against Rs 224.46 crore in the same quarter last fiscal.

The stock opened at Rs 400 and touched a high of Rs 412. At 10:20am, over 21,000 shares were traded on both the stock exchanges.