Wednesday, August 1, 2012

State Bank of Travancore - Q1 Results - Profit rises 30%

State Bank of Travancore has registered a 30 per cent increase in net profit to Rs 181.44 crore in the first quarter of this fiscal compared with Rs 139.25 crore in the corresponding previous-year quarter.

Addressing newspersons here on Tuesday, Mr P. Nanda Kumaran, Managing Director, said that the total business has touched Rs 1,31,131 crore as at end-June 2012. The deposit base grew 14.62 per cent (annualised) to Rs 74,082 crore from Rs 71,470 crore as on March 2012.
The net operating income improved by 10.35 per cent to Rs 669.50 crore, and net interest income by 7.50 per cent to Rs 490.40 crore.

Total non-interest income increased to Rs 179.10 crore, as against Rs 150.51 crore in the corresponding period in the previous year. NRI deposits rose by Rs 2,373 crore during April-June. 

Gross advances rose by 7.25 per cent to Rs 57,049 crore from Rs 56,034 crore as on March 2012. Gross NPAs stood at 2.85 per cent (2.18 per cent in June 2011) and net NPAs, at 1.60 per cent (1.19 per cent).

He said that the bank opened 41 new branches during the financial year, taking the total number of branches to 920. It is now focusing on opening the 1,000th branch in the current year.

Gold loan kiosks have started functioning at many branches. And the gold loan portfolio of the bank, at Rs 7,300 crore, accounts for 14 per cent of the total advances, he said.

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