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Kerala-based State Bank of Travancore (SBT) posted a 16 per cent rise in second-quarter net profit at Rs 135.63 crore (Rs 116.95 crore, a year ago) helped by an increase in net interest income.
Net interest income (the difference between interest earned on loans and interest expended on deposits) grew 20 per cent to Rs 503 crore against Rs 413 crore a year ago.
Net interest margin stood at 2.50 per cent in September 2012 against 2.63 per cent a year earlier and 2.48 per cent in June 2012.
Total income grew 24 per cent to Rs 2,204 crore.
The bank made a provision of Rs 138.60 crore to cover bad loans in the July-September quarter (Rs 124.08 crore). However, the bank officials said that it earned Rs 21 crore by the way of treasury income which helped it to reduce its provision on the book to Rs 117.60 crore.
The bank earns a significant amount by the way of NRI deposits, which improved 40 per cent to Rs 17,796 crore against Rs 12,604 crore a year ago.
Total deposits grew 21 per cent to Rs 75,352 crore (Rs 62,372 crore).
The bank gets about Rs 40,000 crore every year by way of remittances P. Nanda Kumaran, Managing Director of the bank, said.
According to the bank, 15-18 per cent of its restructured accounts turn into non-performing assets (NPAs).
The total restructured accounts increased by Rs 205 crore to Rs 1,828 crore in July-September period. “One shipyard and a couple of hotel properties that SBT lent to have gone for restructuring,” the bank officials told.
Shares of the Thiruvananthapuram-headquartered, State Bank of India affiliate bank, closed at Rs 515, up 0.78 per cent on the Bombay Stock Exchange.
satyanarayan.iyer@thehindu.co.in
Net interest income (the difference between interest earned on loans and interest expended on deposits) grew 20 per cent to Rs 503 crore against Rs 413 crore a year ago.
Net interest margin stood at 2.50 per cent in September 2012 against 2.63 per cent a year earlier and 2.48 per cent in June 2012.
Total income grew 24 per cent to Rs 2,204 crore.
The bank made a provision of Rs 138.60 crore to cover bad loans in the July-September quarter (Rs 124.08 crore). However, the bank officials said that it earned Rs 21 crore by the way of treasury income which helped it to reduce its provision on the book to Rs 117.60 crore.
The bank earns a significant amount by the way of NRI deposits, which improved 40 per cent to Rs 17,796 crore against Rs 12,604 crore a year ago.
Total deposits grew 21 per cent to Rs 75,352 crore (Rs 62,372 crore).
The bank gets about Rs 40,000 crore every year by way of remittances P. Nanda Kumaran, Managing Director of the bank, said.
According to the bank, 15-18 per cent of its restructured accounts turn into non-performing assets (NPAs).
The total restructured accounts increased by Rs 205 crore to Rs 1,828 crore in July-September period. “One shipyard and a couple of hotel properties that SBT lent to have gone for restructuring,” the bank officials told.
Shares of the Thiruvananthapuram-headquartered, State Bank of India affiliate bank, closed at Rs 515, up 0.78 per cent on the Bombay Stock Exchange.
satyanarayan.iyer@thehindu.co.in
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