BUSINESS

State Bank of Travancore net up

CHENNAI JAN. 25. State Bank of Travancore (SBT) has posted a net profit of Rs. 100.40 crores for the nine months ended December 31, 2002, against Rs. 73.28 crores in the corresponding period last year. The bank recorded a 37.01 per cent rise in net profit after making provisions for NPAs and taxation.

The gross NPA went down to 8.33 per cent from 9.41 per cent and the net NPA to 3.58 per cent from 5.72 per cent between March and December 31, 2002. The bank continues to be the market leader in Kerala and its business turnover crossed Rs. 23,600 crores with total deposits reaching Rs. 14,801 crores and gross advances Rs. 8,809 crores. The growth in personal deposits was Rs. 1,373 crores comprising Rs. 656 crores in the NRI segment and Rs. 717 crores in domestic deposits.

Personal segment advances, a focus area of the bank, increased by Rs. 564 crores during the nine months. The trend suggests that the bank will be able to surpass the projected business and profit levels set for the current fiscal, the statement adds.

NIIT

NIIT has reported a global system wide revenue of Rs. 195.90 crores for the quarter ended December 31, 2002 against Rs. 174.20 crores, up 12 per cent. The IT services component of NIIT Technologies contributed Rs. 110.80 crores, a rise of 21 per cent and the global system wide learning business Rs. 81.60 crores, a growth of 10 per cent. The profit after taxation has risen by 55 per cent to Rs. 5.40 crores from Rs. 3.50 crores in the corresponding quarter last year. Net revenues were Rs. 80.70 crores against Rs. 79.30 crores.