State Bank of Travancore drops after poor Q2 numbers

State Bank of Travancore lost 1.97% to Rs 464.20 at 9:21 IST on BSE after net profit declined 59.19% to Rs 55.34 crore on 16.43% growth in total income to Rs 2566.09 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced after market hours on Tuesday, 5 November 2013.

Meanwhile, the S&P BSE Sensex was down 263.50 points or 1.24% at 20,975.86.

On BSE, 651 shares were traded in the counter as against average daily volume of 3,240 shares in the past two weeks.

The stock hit a high of Rs 467.65 and a low of Rs 459.75 so far during the day.

State Bank of Travancore (SBT)'s ratio of gross non-performing assets (NPAs) to gross advances increased to 3.5% as on 30 September 2013 from 3.09% as on 30 June 2013 and 2.98% as on 30 September 2012. The ratio of net NPAs to net advances increased to 2.07% as on 30 September 2013 from 1.74% as on 30 June 2013 and 1.74% as on 30 September 2012.

The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 10.85% as on 30 September 2013 as against 10.48% as on 30 June 2013 and 12.41% as on 30 September 2012. CAR as per Basel III norms stood at 10.13% as on 30 September 2013.

SBT's provisions and contingencies surged 114.22% to Rs 251.93 crore in Q2 September 2013 over Q2 September 2012.

The bank's deposits grew 21.43% to Rs 91504.52 crore as on 30 September 2013 from Rs 75351.65 crore as on 30 September 2012. Advances rose 16.46% to Rs 67327.22 crore as on 30 September 2013 from Rs 57809.77 crore as on 30 September 2012.

State Bank of Travancore is an affiliate of State Bank of India (SBI), which is India's biggest commercial bank in terms of branch network. SBI holds 75% stake in State Bank of Travancore (as per the shareholding pattern as on 30 September 2013).

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