SBT Net Profit At Rs 58.6 Cr In H1

Thiruvananthapuram, October 30: | Updated: Oct 31 2002, 05:30am hrs
State Bank of Travancore (SBT), Keralas market leader in banking, has clocked a net profit (after tax and NPA provision) of Rs 58.60 crore for the half year ended September 30, 2002. But then set against the profit growth in the first quarter, the growth of profits of the bank in the second quarter has almost halved.

As against an improvement of profits by 49.3 per cent in the first quarter over the corresponding period last year, its half-yearly profits have increased only 25.7 per cent over the corresponding period last year.

For the half year ended September 30, 2001, the bank had posted a net profit of Rs 46.62 crore. One may recall that SBT had registered its all-time high profit of Rs 123.93 crore in 2001-2002.

Its business turnover crossed Rs 22,500 crore in the half-year, an SBT release said. The total deposits have reached Rs 14256 crore.

The increasing trend in advances shows that the bank will be able to achieve the projected business and profit levels set of the current fiscal 2002-2003, the SBT release claimed.

Advances have been made for Rs 8299 crore. The personal deposits grew by Rs 839 crore in the last six months. Of this, Rs 395 crore came from NRIs and Rs 444 crore from the domestic segment.

Advances increased by Rs 329 crore. This was primarily through focus on housing, education, personal and gold loans.

Technology infusion is also making new strides in SBT. Out of its 672 branches, 242 are fully computerised and 123 branches partially so. Giving priority to customer convenience, the bank has 21 ATMs already installed. Soon 25 more will be installed, the release said.