Financial Daily from THE HINDU group of publications
Saturday, Jan 24, 2004
Financial Daily from THE HINDU group of publications Saturday, Jan 24, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks SBT 9-month profit up 70 pc Our Bureau
Thiruvananthapuram , Jan. 23 STATE Bank of Travancore (SBT) has posted 70 per cent increase in net profit during the nine-month period ended December 31, 2003, over the same period the previous year. While the operating profit rose by 71 per cent to Rs 548.76 crore during the period, the net profit went up to Rs 170.67 crore from Rs 100.40 crore, according to a statement from the bank. Other income increased by 77.5 per cent from Rs 207.62 crore as at the end of December 2002 to Rs 368.52 crore. The net interest income also registered a rise of 33.14 per cent to touch Rs 492.14 crore. The capital adequacy ratio of the bank improved from 11.30 per cent to 11.65 per cent during the course of the nine-month period. The earnings per share stood at Rs 341.34 (non-annualised) compared to Rs 200.80 as at the end of December last year. Segmented deposits grew by Rs 2,850 crore to reach Rs 18,423 crore even as the cost of deposits declined to 5.94 per cent from 7.13 per cent in December 2002. Growth in advances under non-food credit during the period under review was Rs 1,167 crore as against Rs 1,058 crore in the corresponding period last year. Retail lending constituted 64 per cent of the growth in non-food credit. Gross advances reached a level of Rs 10,648 crore. The net non-performing assets fell from 3.06 per cent as at the end of March 2003 to 1.30 per cent at December-end. The unaudited results were approved by the bank's Board of Directors at its meeting here on Friday.
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