State Bank of Travancore rises on robust Q2 earnings

Net profit for Sep 2015 quarter surged nearly five-fold to Rs 102.8 crore

Shares of State Bank of Travancore were up over 4% at Rs 425 after the bank reported a five-fold jump in net profit for the quarter ended September 30, 2015 to Rs 102.8 crore compared with Rs 19.2 crore in the same quarter last fiscal.

Meanwhile, non-performing assets for the quarter were also lower on a sequential basis. Gross NPAs for the September 2015 quarter declined to 3.82% compared with 5.11% in the previous quarter ended June 2015. Net NPAs for September quarter were also lower at 2.27% compared with 3.20% in the previous quarter ended June 2015.

Net Interest income for the quarter under review increased nearly 11% to Rs 644.6 crore compared with Rs 582 crore in the quarter ended September 30,2014.

The stock opened at Rs 437 and touched a high of Rs 445. At 12:30pm, over 157,000 shares were traded on both the stock exchanges.