State Bank of Travancore (SBT) has posted R256.20 crore net profit in the half year ended 30 September 2011-2012. In the corresponding period in 2011, the netprofit was R313.40 crore. The fall in net profit was due to higher provision for standard assets as mandated by RBI and for new NPA additions, according to a release by the bank.
The growth in operating profit too was moderate at 9.06%. While in the first half of 2010-11, the operating profit was R532.19 crore, in the corresponding period in the current financial, the operating profit has grown only to R580.40 crore. The growth was moderate due to increase in interest expenditure due to market-related rates and higher growth in deposits, as compared to advances.
The total business of SBT has crossed the 1,10,000 mark to touch R1,10,852 crore, as on September 2011. The deposits increased by 16.36% to R62,372 crore from R53,602 crore in the previous year. NRI deposits showed a growth of R1,572 crore (14.13%) to reach R12,694 crore.