SBT net profit increased by 27.49%

The Thiruvananthapuram-headquartered State Bank of Travancore (SBT) net profit showed an increase by 27.49 percent as compared to Rs 185.82 crore in the corresponding period a year ago. The bank posted a net profit of Rs 236.91 crore for the nine months ended December 2007.

There has been increase mainly because of a strong year-on-year growth of 27.17 per cent in non-interest income.

In the three quarters of 2007-08 the bank’s total income was Rs 2147.22 crore which has grown by 30.95 per cent year-on-year to touch Rs 2811.84 crore.

A year back the interest income went up by 31.40 per cent to Rs 2,522 crore from Rs 1919.31 crore, while non-interest income touched Rs 289.84 crore from Rs 227.91 crore.

By the end of December 2006 the bank did the total business of Rs 53,644 crore whereas it exceeded Rs 60,000 crore to touch Rs 61,241 crore at the end of December 2007.

SBT’s overall deposit income registered a year-on-year growth of 9.58 per cent to Rs 33,160 crore, in which personal deposits accounted for 62.79 per cent.

The bank stated total advances raised by Rs 28,164 crore, registering a year-on-year growth of 20.06 per cent over December 2006.

The main sector of the bank, lending grew by 39.34 per cent on a yearly basis and touched Rs 12,964 crore. The percentage of priority sector advances to total advances is 46.03 per cent against the benchmark of 40 per cent.

The bank told that its capital to risk adjusted assets ratio (CRAR) grew up to 13 per cent as on December 2007 from 11.68 per cent in March 07, against the regulatory benchmark of 9 per cent.

While it’s gross NPA percentage came down to 2.14 per cent of gross advances from 2.47 per cent as on December 2006 and 2.16 per cent from March 2007. The net NPA percentage showed a decline to 0.97 per cent from 1.26 per cent as on December 31, 2006 and 1.08 per cent as on March 2007.