SBT Q1 net up 62% to Rs 87cr

Thiruvananthapuram-based State Bank of Travancore (SBT) has reported a 62.05% increase in net profit at Rs 87.28 crore for the quarter ended June 30, 2007 when compared with Rs 53.86 crore in Q1FY07.

Announcing the Q1 performance after a meeting of the board of directors of the bank here, Pradeep Shankar, chief general manager, SBT, said the bank was able to bring down its gross NPAs and net NPAs to 2.10% and 1.02%, respectively.

While total income rose 27.63% to Rs 892.08 crore from Rs 698.94 crore, interest income increased 32.75% to Rs 842.02 crore as against Rs 634. 28 crore during the corresponding quarter of the previous year.

Shankar added that the capital to risk adjusted assets ratio (CRAR) of the bank stood at 12.95% on June 30, 2007 when compared with 11.25% the previous year. 

Total business grew 25.51% to Rs 57,022 crore from Rs 45,431 crore. While the deposit base rose to Rs 31,879 crore from Rs 25,875 crore, advances increased to Rs 25,143 crore from Rs 19,556 crore.