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SBT FY12 profit slumps to Rs 510.46 cr

The bank registered a growth of 6.19 pct in operating profit at Rs 1,249 cr against Rs 1,176 cr last year.

Written by Agencies | Thiruvananthapuram |
April 29, 2012 1:02:31 pm

The net profit of State Bank of Travancore (SBT),an associate of SBI,fell to Rs 510.46 crore in 2011-12 against Rs 727.73 crore in the previous year.

The bank,however,registered a growth of 6.19 per cent in operating profit at Rs 1,249 crore against Rs 1,176 crore last year.

The fall in net profit attributed to various factors like additional provisions for staff,NPA and income tax payment,the bank said.

The total income of the Kerala-based bank improved by 29 per cent to Rs 7,477 crore from Rs 5,819 crore in the previous year,SBT Managing Director P Nanda Kumaran and other senior managers told a press meet here last evening.

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Elaborating on the bank’s performance on various fronts,bank officials said “our overall performance has been much better compared to many other banks in the country during the period”.

Total business registered a growth of 21.69 per cent at Rs 1,26,816 crore against Rs 1,04,202 crore with deposits accounting for Rs 71,470 crore and advances Rs 55,346 crore.

The priority sector advances grew by 16.91 per cent to Rs 20,287 crore.

The net NPA to net advances stood at 1.54 per cent per cent.

The bank opened 87 new branches during the financial year,taking the total number of branches to 879,with Kerala accounting for 676 branches.

SBT,which heads the bankers’ consortium for the proposed Vizhinjam Deep sea Port,said it is ready to make available funds for the project as soon as the government finalised the tie-up arrangements with the partner,for which negotiations

are on.

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