State Bank of Travancore Q3 net profit up 23% at Rs 91 cr

State Bank of Travancore (SBT) today reported a 23 per cent increase in its net profit at Rs 91.47 crore for the December quarter on account of higher income from operations.

The bank's net profit stood at Rs 74.34 crore during the same period last fiscal.

Total income of the bank increased to Rs 2,660.29 crore for the quarter under review from Rs 2,627.06 crore in the year-ago period, it said in a BSE filing.

SBT's income from corporate/wholesale operations increased to Rs 1,777.93 crore during the said quarter as against Rs 1,263.83 crore in the same period a year ago.

However, the bank substantially raised its provisions and contingencies to Rs 318.65 crore for the quarter ended December as against Rs 224.46 crore parked aside in the corresponding quarter of the previous fiscal.

Besides, SBT said it paid Rs 222.40 crore on account of wage arrears relating to the period from November 2012 to May 2015, out of provision of Rs 284.85 crore made in earlier years under provision for wage revision.

The bank also improved the quality of its assets with the gross non-performing assets (NPAs) or bad loans falling to 3.87 per cent of the gross advances in the period under review as against 4.91 per cent in the year-ago period.

Net NPAs stood at 2.46 per cent of net advances for the quarter under review from 3.06 per cent, a year ago.

SBT shares today closed 0.34 per cent down at Rs 394.65 apiece on the BSE.