SBT's net profit rises 20.49% at Rs 615.04 cr in FY13
Chennai: State Bank of Travancore on Wednesday said its net profit for fiscal 2012-13 has grown by 20.49 percent to Rs 615.04 crore compared to Rs 510.46 crore earned during the previous fiscal, and achieved a milestone when its total business crossed the mark of Rs 1,50,000 crore.
Despite a marginal decline in Net Interest Margin (NIM) from 2.76 percent to 2.56 percent at the end of this fiscal, the bank posted an operating profit of Rs 1,351 crore against Rs 1,249 crore last year.
Briefing reporters on SBT's financial performance for 2012-13, the bank's Managing Director P Nanda Kumar said net interest income grew by 12.12 percent to Rs 2,128 crore from Rs 1,898 crore in FY12.
Total income in FY13 stood at Rs 9,287.86 crore from Rs 7,477.04 crore in FY12, marking a growth of 24.22 percent.
Net profit for the quarter ended March 31, 2013 was Rs 165.98 crore against Rs 153.04 crore in the same quarter last year, he said.
The bank declared a dividend of Rs 20 per share for a face value of Rs 10.
Kumar said overall business turnover registered a growth of 19.94 percent and stood at Rs 1,52,108 crore in FY13 against Rs 1,26,816 crore during last year with deposits accounting for Rs 84,624 crore (Rs 71,470 crore) and Advances at Rs 67,484 crore (Rs 55,346 crore).
The percentage of gross NPA to Gross Advances stood at 2.56 percent, he said.
Kumar said the bank opened 134 new branches in 2012-13 taking the total number to 1,013 and plans to open about 200 more branches in 2013-14.
Meanwhile, the bank today inaugurated its third network office in the city, the first outside Kerala, Kumar said.
To a query on the possible merger of the associate bank with State Bank of India, he said, "it is premature for us to speculate anything right now. It is for the regulators to take a call on that."