Union Finance Minister Arun Jaitley had an interaction with the State Bank of Travancore top brass here on Saturday about the financials of the bank.
Managing Director Jeevandas Narayan and Chief General Managers E.K. Harikumar and S. Adikesavan told the Union Finance Minister that the operating profit for 2015-16 stood at Rs.1,798 crore with a growth of 31 per cent over the previous year’s Rs.1,372 crore.
Drastic cost-cutting in interest expenditure, a handsome growth in fee income of 28 per cent and reduction in operating expenses contributed to the bank recording a net profit of Rs.338 crore, slightly above the Rs.335 crore in 2014-15.
