State Bank of Travancore (SBT) registered a growth of Rs 921 crore in NRE deposits during the half-year ended September 30, 2008, taking it to a total of Rs 9,324 crore, as compared with the corresponding period last year.
An SBT official told Business Standard, “This, in fact, has cemented our position as a preferred bank among the non-resident Keralite population.”
The Thiruvananthapuram-headquartered bank also saw a rise in deposit base by 21.50 per cent during the half year ended September 30. Total deposits during the quarter stood at Rs 38,385 crore, compared with Rs 34,658 crore by the end of March this year.
With the NRK population playing a major role in the bank’s business, SBT had earlier this quarter opened a representative office at Dubai, in the United Arab Emirates. “The representative office, opened in August this year, now acts as an interface between the bank’s customers in West Asia and its branches in India,” the official said.
On the home front, the bank has opened five branches during the half year, taking the total number of branches to 715. Of this, 581 branches were opened in Kerala, where the bank has a major presence.
On the recent agricultural debt waiver and relief scheme, the official said SBT had effected waiver of farm loans to the tune of Rs 343.84 crore, thereby proving beneficial to 124,000 farmers. Of this, an amount of Rs 311.72 core was extended to 113,000 farmers in Kerala.
Net profit for the second quarter ended September 30, 2008, increased 70.37 per cent to Rs 113.83 crore as against Rs 66.81 crore during the corresponding period last year. Total business crossed Rs 69,000 crore.