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Our Bureau

Thiruvananthapuram , Oct. 20

State Bank of Travancore (SBT) has recorded a 31.46 per cent increase in net profit during the second quarter ended September 30, 2006.

The bank posted a net profit of Rs 136.56 crore against Rs 103.88 crore in the same period last year, while the operating profit went up to Rs 334.02 crore from Rs 302.53 crore.

The net interest income rose 15.31 per cent to reach Rs 538.64 crore (Rs 467.12 crore), according to a statement from the bank on Friday.

CD ratio hike

The credit-deposit ratio of SBT in Kerala, which stood at 59.96 per cent as on March 31, 2006, moved up to 65.93 per cent during the six months in the current fiscal. The CD ratio as a whole reached 75.46 per cent.

The total business stood at Rs 48,340 crore at the end of the six-month period. The percentage of priority sector advances to total advances was at 43.87 per cent as against the benchmark of 40 per cent.

The growth in personal segment advances was Rs 735 crore. Education loans increased by Rs 124 crore to reach Rs 665 crore.

During the period under review, SBT opened three new branches at Mayur Vihar and Tilak Nagar, New Delhi, and at Sion, Mumbai. The bank is planning open 22 new branches within the next few months, of which 12 will be in Kerala and the remaining 10 in other parts of the country, including Andhra Pradesh, Tamil Nadu and New Delhi.

Another notable venture initiated by the bank is to bring all the districts of Kerala under 100 per cent financial inclusion. The scheme had been implemented as a pilot project in Palakkad district, which became the first district in the country to achieve 100 per cent financial inclusion.

The scheme is now being extended to Alappuzha district, which is expected to achieve 100 per cent inclusion by November.

More Stories on : Financial Performance | Public Sector Banks | Outlook

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