Tuesday, February 3, 2015

This SBI subsidiary posts 400% net profit in Q3

SBT MD Jeevandas Narayan
THIS is indeed incredible for State Bank of Travancore (SBT). The Kerala-based bank has posted nearly a 400-percent increase in net profit in the third quarter (Q3) of the current financial at Rs. 74.34 crore compared to the same period last financial year. The profit is the highest in the last six financial quarters.
The net profit recorded a 287-percent rise...
over the second quarter.
The bank’s  managing director Jeevandas Narayan said that the net profit for the  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.
SBT's gross NPA level stood at a reduced level of Rs 3,367 crore against Rs 3,544 crore as at the end of September, 2014. The gross NPA percentage was also down to 4.91 percent from 5.11 percent in the previous quarter.
The bank’s capital funds stood at Rs 6,018.46 crore at December-end.
State Bank of India, which now holds 78.91 percent shareholding in SBT, had infused Rs 385 crore through a preferential share allotment this year, which helped strengthen the bank’s capital funds.
During Q3, the bank’s deposits have grown to Rs 91,440 crore  from Rs 89,337 crore as on 31st March 2014.
NRI deposits also posted a growth of Rs 3,795 crore and reached the level of Rs.28,758 crore.
The bank's total business was Rs 1,59,961 crore as at the end of December 2014. SBT’s total number of branches stood at 1,138 and the total number of ATMs were at 1,516, covering 16 States and 3 Union Territories. The bank has 831 branches and 1186 ATMs in Kerala alone.
State Bank of Travancore (SBT), a subsidiary of the State Bank Group, is the premier bank of Kerala, where it has 777 branches.
The bank has a network of over 1036 branches spread over 16 states.

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