State Bank of Travancore (SBT) has posted a net profit of Rs. 256 crore for the nine months ended December 2013, compared to the net profit of Rs. 449 crore for the same period last year.
A SBT release said here that the bank’s operating profit has increased to Rs. 1,030 crore during the third quarter from Rs. 965 crore for the same period a year ago, showing a year-on-year growth of 6.65 per cent.
The net interest income moved up from Rs. 1,558.43 crore to Rs. 1,767.76 crore, showing a year-on-year growth of 13.43 per cent. However, the period also saw the gross Non Performing Assets (NPAs) of the bank increasing to 4.41 per cent from 3.04 per cent as at the end of corresponding quarter last year and net NPAs rising to 2.73 per cent against 1.83 per cent as of the third quarter last fiscal.
As at the end of the third quarter of the fiscal, the total income of the bank increased to Rs. 7,785 crore from Rs. 6,743 crore during the year ago period, registering a growth of 15.45 per cent. The capital to risk weighted assets ratio of the bank stood at 10.03 per cent [under Basel III framework] as at the end of third quarter of the fiscal. The regulatory minimum prescribed by Reserve Bank of India (RBI) is 9 per cent.
According to the Bank’s results during and up to the third quarter of the 2013-’14, taken on record at a meeting of the bank’s board of directors Thursday, the total business of the bank crossed Rs. 1,60,000 crore and stood at Rs. 1,61,886 crore as at the end of December 2013. Deposits increased by 16 per cent to touch Rs. 92,499 crore against Rs. 80,043 crore a year ago. Non-Resident Indian (NRI) deposits grew by 28 per cent to Rs. 4,696 crore. Gross advances rose by 6 per cent year-on-year to Rs. 69,387 crore as at the end of December 2013 and SME advances by Rs 619 crores up to the third of this fiscal.
The bank has linked accounts of over 19 lakh customers to their Aadhaar numbers and joined the Aadhaar payments bridge of National Payments Corporation of India (NPCI), which is the system for Direct Benefit Transfer (DBT) to beneficiaries.
Keywords: State Bank of Travancore 2013 result