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State Bank of Travancore Q3 net profit up 31% to Rs 132 cr on higher advances

Feb 07 2013, 14:51 IST
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SummarySBT reported a 31 per cent jump in its December quarter net at Rs 132 crore.

State Bank of Travancore (SBT), an associate of the State Bank Group, today reported a 31 per cent jump in its December quarter net at Rs 132 crore.

The Thiruvananthapuram-headquartered lender had posted a net profit of Rs 101 crore in the corresponding period last year.

SBT Managing Director P Nandakumaran said a 14.04 per cent growth in the core net interest income, which was aided by a 17 per cent rise in advances, at Rs 1,511 crore, resulted to the increase in profit during the third quarter ended December 31.

The lender's total income went up to Rs 2,297.16 crore from Rs 1,907.07 crore a year ago.

The bank, however, posted a rise in stressed assets, with the gross non-performing assets ratio moving up to 3.04 per cent from 2.82 per cent a year ago.

Its total capital adequacy ratio was at 11.40 per cent with the core tier-I ratio at 7.95 per cent.

The SBT stock rose 1.95 per cent to Rs 597.50 apiece on the BSE, whose 30-share benchmark ended flat.

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