State Bank of Travancore surges on robust Q4 earnings

Shares of State Bank of Travancore surged nearly 3% to Rs 461, in an otherwise weak market, after the bank reported robust growth in the fourth quarter ended March 2015 while drop in non-performing assets also improved sentiment.

Net profit for the March 2015 quarter surged 295% to Rs 192 crore compared with Rs 49 crore in the same quarter last fiscal.

However, total income for the quarter was marginally lower at Rs 2,703 crore compared with Rs 2,773 crore in the quarter ended March 2014.

The net NPAs (non-performing assets) during the quarter decreased to 2.04% against 3.08% in the previous quarter ended December 31, 2014.
 

The stock touched a high of Rs 487 and a low of Rs 459. At 2PM , over 368,000 shares were traded on both the stock exchanges.