State Bank of Travancore (SBT) earned a net profit of Rs 238.32 crore in the last quarter of 2010-11, an improvement of 9.7 percent from Rs 217.23 crore for the same period of last year. The operating profit was higher by 13.47 per cent at Rs 315.10 crore (from Rs 277.68 crore).
The bank has registered a growth of 20.95 per cent in its operating profit at Rs 1,176 crore for the full year of 2010-11 as against Rs 972 crore in the previous year. Total income grew 18 per cent to Rs 5,810 crore (Rs 4,906 crore), while total expenditure, excluding provisions and contingencies, stood at Rs 4,634 crore against Rs 3,934 crore with interest expenditure accounting for Rs 3,533 crore (Rs 2,978 crore).
After taking into account additional provisions for staff, NPA and income tax, the net profit moved up by 6.35 per cent to Rs 727.73 crore from Rs 684.27 crore. The directors have declared a total dividend of Rs 18 per share of face value Rs 10. The bank has already paid an interim dividend of Rs 8 per share in October 2010. Earnings per share improved to Rs 145.54 from Rs 136.85 and the book value to Rs 640.57 from Rs 531.56.
The net interest margin has improved from 2.82 to 2.87 per cent, while return on assets stood at 1.12 per cent, while return on equity was at 24.83 per cent, which puts it among the highest among public sector banks.
The overall business of the bank registered a growth of 20.3 per cent at Rs 1,04,202 crore against Rs 89,345 crore with deposits accounting for Rs 58,158 crore (Rs 50,883 crore) and advances Rs 46,044 crore (Rs 38,461 crore). Priority sector advances grew by 21.68 per cent to Rs 17,353 crore from Rs 14,260 crore.
The percentage of gross NPAs to gross advances stood at 1.80 per cent on March 31, 2011 with the gross NPA level at Rs 835.22 crore. The percentage of net NPA to net advances remained below 1 per cent at 0.98 per cent. The bank’s provision coverage ratio stood at 69.01 per cent.