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State Bank of Travancore (SBT) has recorded about a fourfold increase in net profit in the third quarter of the current financial at nearly Rs 74 crore, compared with the corresponding quarter in the previous financial year.
This is the highest in the last six financial quarters. Compared with Q2 of the current financial year, the net profit recorded 287 per cent rise.
The bank’s Managing Director Jeevandas Narayan said the net profit for the quarter was boosted by reduction in interest costs, a jump in other income, including treasury gains and a reduction in the gross non-performing asset (NPA) level over the previous quarter.
Its gross NPA stood at Rs 3,367 crore against Rs 3,544 crore as of September-end, 2014.
Consequently, the gross NPA percentage was also down to 4.91 per cent from 5.11 per cent in the previous quarter.
The net NPA level was at 3.06 per cent vis-à-vis 3.20 per cent in the previous quarter.
The bank’s capital funds stood at Rs 6,018.46 crore at December-end. State Bank of India, which now holds 78.91% shareholding in SBT, had infused Rs 385 crore through a preferential share allotment this year, which helped strengthen the bank’s capital funds, he added.
As a result, the Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on December 31, 2014 stood at 10.10% as against 10.03% as on December 31, 2013.
During Q3 bank’s deposits have grown to Rs 91,440 crore from Rs 89,337 crore as on 31st March 2014. NRI Deposits recorded a growth of Rs 3,795 crore and reached the level of Rs.28,758 crore.
Average cost of deposits had come down to 7.38% from 7.41% during the last quarter.
The bank’s total advances decreased to Rs 67,025 crores from Rs 69,404 crores during the year. However, the yield on advances improved to 10.59% from 10.56%.
Priority sector loans constituted 40.17% of net bank credit and stood at Rs 28,606 crore as on 31st December 2014.
Total business was Rs 1,59,961 crore as at the end of December 2014. SBT’s total number of branches stood at 1,138 and the total number of ATMs were at 1,516, covering 16 States and 3 Union Territories. The bank has 831 branches and 1186 ATMs in Kerala alone.
Chief General Managers E K Harikumar and S Adikesavan and General Managers S Chandrasekharan and K N Murali also addressed the press conference.
This is the highest in the last six financial quarters. Compared with Q2 of the current financial year, the net profit recorded 287 per cent rise.
The bank’s Managing Director Jeevandas Narayan said the net profit for the quarter was boosted by reduction in interest costs, a jump in other income, including treasury gains and a reduction in the gross non-performing asset (NPA) level over the previous quarter.
Its gross NPA stood at Rs 3,367 crore against Rs 3,544 crore as of September-end, 2014.
Consequently, the gross NPA percentage was also down to 4.91 per cent from 5.11 per cent in the previous quarter.
The net NPA level was at 3.06 per cent vis-à-vis 3.20 per cent in the previous quarter.
The bank’s capital funds stood at Rs 6,018.46 crore at December-end. State Bank of India, which now holds 78.91% shareholding in SBT, had infused Rs 385 crore through a preferential share allotment this year, which helped strengthen the bank’s capital funds, he added.
As a result, the Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on December 31, 2014 stood at 10.10% as against 10.03% as on December 31, 2013.
During Q3 bank’s deposits have grown to Rs 91,440 crore from Rs 89,337 crore as on 31st March 2014. NRI Deposits recorded a growth of Rs 3,795 crore and reached the level of Rs.28,758 crore.
Average cost of deposits had come down to 7.38% from 7.41% during the last quarter.
The bank’s total advances decreased to Rs 67,025 crores from Rs 69,404 crores during the year. However, the yield on advances improved to 10.59% from 10.56%.
Priority sector loans constituted 40.17% of net bank credit and stood at Rs 28,606 crore as on 31st December 2014.
Total business was Rs 1,59,961 crore as at the end of December 2014. SBT’s total number of branches stood at 1,138 and the total number of ATMs were at 1,516, covering 16 States and 3 Union Territories. The bank has 831 branches and 1186 ATMs in Kerala alone.
Chief General Managers E K Harikumar and S Adikesavan and General Managers S Chandrasekharan and K N Murali also addressed the press conference.
