SBT Net Profit jumps 287% to Rs 74 Crore in 3rd quarter

Monday, Feb 2, 2015,20:33 IST By metrovaartha A A A

Thiruvananthapuram | State Bank of Travancore (SBT) has achieved a net profit of Rs 74.34 crore for the quarter ended December 31, 2014, recording an increase of Rs 55.15 crore over the previous quarter. The Bank’s quarterly profit this time is the highest in the last six financial quarters.
The profit for the December quarter was boosted by reduction in interest costs, a jump in other income including treasury gains and a reduction in the gross Net Performing Asset (NPA) level over the previous quarter. Compared to the corresponding quarter of the last financial year, the December quarter profit shows an increase of nearly 400 per cent.
SBT’s gross NPA level stood at a reduced level of Rs 3367 crores against Rs 3544 crores as at the end of September 2014. Consequently, the gross NPA percentage was also down to 4.91 percent from 5.11 percent in the previous quarter. The net NPA level was at 3.06 per cent vis-a-vis 3.2 per cent in the  previous quarter.
The bank’s capital funds stood at Rs 6018.46 crore at  December end. State Bank of India (SBI) which now holds 78.91  per cent shareholding in SBT, had infused Rs 385 crore through  a preferential share allotment this year, which helped strengthen the capital fund.
As a result the Capital to Risk Weighted Assets Ratio (CRAR)  of the bank as on December 31 2014 stood at 10.03 as on December 31, 2013. The regulatory minimum prescribed by the RBI is nine per cent.
Up to December the Bank’s deposits have grown to Rs 91,440 crore as on December 31 from Rs 89,337 crore as on March 31, 2014. NRI Deposits recorded a growth of Rs 3795 crore up to December 2014 and reached the level of Rs 28,758 crore.
The Current And Savings (CASA) deposits also grew to 29.31  per cent from 27.65 per cent during the 9-month period ended December 31, 2014. The cost of deposits had come down to 7.38  per cent from 7.41 during the last quarter.
The advances decreased to Rs 67025 crore from Rs 69404 crore during the year. However, the yield on advances improved during the quarter to 10.59 per cent from 10.56 per cent.
The priority sector loans constituted 40.17 per cent of net  bank credit in accordance with RBI norms and stood at Rs 28,606 crore as on December 31, 2014.
The total business was Rs 1,59,961 crore as at the end of December 2014. The Banks total number of branches stood at 1,138 and the total number of ATMs were at 1516 covering 16 states and 3 Union Territories. The bank has 831 branches and 1186 ATMs in Kerala alone.