State Bank of Travancore (SBT) has posted a net profit of Rs. 684.27 crore for 2009-10 against Rs. 607.83 crore in 2008-09, an increase of 13 per cent.Addressing a press conference here on Monday, A. K. Jagannathan, Managing Director said the directors had declared a dividend of Rs. 16 per share against Rs. 13 per share in the previous year.
The operating profit was more or less the same as that of the previous year at Rs. 1,056 crore due to lower profit from treasury operations at Rs. 79 crore (Rs. 144 crore), higher provision for wage revision and a reduction in BPLR by 50 basis points.
Net interest income has increased by 9 per cent to Rs. 1,400 crore from Rs. 1,282 crore. Earnings per share were higher at Rs.137 against Rs.122 (for face value of Rs.10).
The profit for the quarter ended March 31, 2010 was higher at Rs. 217.22 crore against Rs. 192.03 crore recorded in the year-ago period.
S. Balachandran, Chief General Manager, who presented the details of the bank's performance, said that the return on equity of 29 per cent achieved by the bank in 2009-10 was among the highest by public sector banks. Net interest margin stood at 2.82 per cent. Total business as at the end of 2010 fiscal stood at Rs. 80,561 crore. Mr. Jagannathan said the bank expected to take its total business beyond the level Rs.1-lakh crore by the middle of the current fiscal.
