 "State Bank of Travancore Q3 Net plunges 88% at Rs 15 cr")
State Bank of Travancore's net profit in the third quarter ended December 31 of FY14 plunged by nearly 88.8% to Rs 14.76 crore on higher provisioning and rising bad loans.
Bank's net profit during corresponding October-December quarter of previous fiscal stood at Rs 131.99 crore.
Total income of the bank during the third quarter of 2013-14 stood at Rs 2,601.99 crore, up from Rs 2,297.16 crore a year earlier, it said in a filing to the BSE today.
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Provisioning towards bad loans and contingencies were raised to Rs 215.64 crore from Rs 124.27 crore a year earlier.
The net bad loans or Non-Performing Assets (NPAs) rose to 2.73% in the third quarter from 1.83% a year ago.
Gross NPAs were at 4.41% versus 3.04% in the corresponding quarter of previous fiscal.
Shares of the bank today ended at Rs 407.15 apiece on the BSE, up 0.3% higher from previous close.