SBT eyes Rs 1 lakh cr business

Thiruvananthapuram-headquartered State Bank of Travancore (SBT) has set a target of Rs 100,000 crore business by March 2010 on the back of retail deposits and advances.

Speaking to Business Standard, AK Jagannathan, managing director of SBT, said as of now the total business stood at Rs 72,000 crore and by the end of the current fiscal this was expected to reach Rs 75,000 crore.

Of this, deposits constitute Rs 41,000 crore while advances around Rs 31,000 crore. By 2010, this would be Rs 56,000 crore and Rs 44,000 crore respectively.

The bank is planning to open 50 new branches in 2009-10 to take the total count to 773 from the current 723. It would also add 1,200 people to its employee strength of 11,000, he said.

 

SBT reported a 17 per cent increase in NRI deposits to Rs 10,104 crore between April and December 2008 as compared with Rs 8,600 crore in 2007-08.

NRI remittance too increased 41 per cent to Rs 14,000 crore between April and January 2009, as against Rs 9,864 crore, a year ago.

The bank registered a net profit of Rs 415.81 crore for the first three quarters of 2008-09, as against Rs 236.91 crore in the corresponding period of the previous year.