Sbt Net Profit Up 53.63% To Rs 40.25 Cr

The State Bank of Travancore (SBT) has recorded its highest gross profits of Rs 184.68 crore in 1996-97, showing an increase of 24.61 per cent over the previous year while its net profit rose by 53.63 per cent to Rs 40.25 crore.

SBT managing director G G Vaidya yesterday said the total business of the Kerala-based bank had crossed the Rs 10,000-crore mark. The total deposits in the bank increased to Rs 6652.89 crore at a growth rate of 18.36 per cent against 13.35 per cent in the previous year, he said.

Advances by the bank touched Rs 3,659.30 crore with a growth rate of 9.26 per cent. The bank's credit-deposit ratio stood at 57.90 per cent against Kerala's average of 45.17 per cent.

The bank's investments increased by 39.72 per cent during the last financial year to reach a level of Rs 2,626.21 crore while, the yield on investments increased to 12.03 per cent from 11.78 per cent of the previous year. Vaidya said during the year the SBT issued on private placement basis bonds aggregating Rs 25 crore, which were oversubscribed and had retained the excess subscription of Rs 10 crore.

Vaidya said it was incorrect to say that the policies of banks were responsible for the decline in the credit-deposit ratio of Kerala.