SBT Q4 profit grows 295% to Rs 192 cr, retail biz in focus

For the full fiscal 2014-15, profit came in at Rs 336 crore as against Rs 304 crore a year ago

State Bank of Travancore (SBT) has reported a net profit of nearly Rs 192 crore in the fourth quarter, compared with Rs 48.6 crore a year ago, registering a growth of 295 per cent.

For the full financial year 2014-15, profit came in at Rs 336 crore, against Rs 304 crore a year ago, SBT Managing Director Jeevandas Narayan and other senior officials told reporters in Thiruvananthapuram on Friday.

On future plans, he said SBT proposed a business growth of Rs 28,000 crore with deposits of Rs 18,000 crore and advances of Rs 10,000 crore in the current financial year.

The bank has announced a dividend of 50 per cent, compared with 25 per cent last year.

It also proposes to increase its footprint by opening 100 more branches and 200 more automated teller machines (ATMs) during the year.

The bank, at present, has 1,157 branches and 1,602 ATMs, covering 18 states and three union territories.

SBT, a Kerala-based bank, has 838 branches and 1,256 ATMs in the state alone, he said.

“Moreover, the main focus of the bank will be retail business, with 70 per cent of the growth targeted to come from this segment in the current year,” Narayan said.

The overall business stood at Rs 1,60,984 crore, comprising total deposits of Rs 91,077 crore and gross advances of Rs 69,907 crore.

NRI deposits recorded a growth of Rs 4,645 crore in 2014-15, touching the Rs 29,608-crore mark.

Gross NPAs stood at a lower level of Rs 2,357 crore as of March 2015, against Rs  3,367 crore at the end of December 2014.