State Bank of Travancore reports net profit of Rs. 335.53 crores


Trivandrum: The State Bank of Travancore (SBT) has achieved a net profit of Rs 191.97 crores in Q4 FY15 against Rs 48.58 crores achieved during Q4 FY14. The Net Profit for FY 2014-15 stood at Rs 335.53 crores as against a net profit of Rs 304.34 crores recorded during FY 2013-14.

This was announced by Jeevandas Narayan, MD of SBT while addressing a press meeting in Thiruvananthapuram. Bank has declared a dividend of 50% as against 25% last year.

The net profit for Q4 FY15 was driven mainly on account of reduction in interest expenditure, increase in other income including treasury income and a reduction in the Gross Non Performing Asset (GNPA) level over the previous quarter. Y-O-Y GNPA level was also reduced by Rs 720 crores.

SBT’s Gross NPA level stood at a reduced level of Rs 2,357 crores as on 31st March 2015 against Rs 3,367 crores as at the end of December, 2014. Consequently, the Gross NPA percentage was also down to 3.37% from 4.91% in the previous quarter. The net NPA level was at 2.04% vis-à-vis 3.06% in the previous quarter.

The Return on Equity is 6.65% and Return on Assets (ROA) stood at 0.32%. The Earning per share stood at Rs 56.63. During FY15 the Bank successfully completed a Rights issue which was subscribed to the extent of 110%.

The overall business of the Bank stood at Rs 1,60,984 crore comprising of Total Deposits of Rs 91,077 crore and Gross Advance of Rs 69,907 crore. NRI Deposits recorded a growth of Rs 4,645 crore during the year and reached the level of Rs.29,608 crore. During the period under review, Bank consistently replaced high cost bulk deposits and Certificates of Deposits with retail deposits to cut interest costs. Going forward, the Bank proposes to continue to aggressively grow its retail deposits. .

SBT’s Current and Savings (CASA) deposits also grew to 29.79% as on 31st March 2015. SBT’s total number of branches stood at 1,157 and the total number of ATMs were at 1,602, covering 16 States and 3 Union Territories.

E K Harikumar and S Adikesavan, both CGMs and other General Managers of the Bank were also present on the occasion.

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