SBT’s Second Quarter Operating Profit at Rs 492.65 crore

THIRUVANANTHAPURAM:
State Bank of Travancore recorded an Operating Profit of Rs 492.65 crore for the quarter ended 30 Sep, 2016 as against Rs 373.15 crore as on 30 Sep, 2015 showing a YoY growth of 32%. However, on account of higher provisions for NPA (including additional prudential provisions) and taxation, the Bank reported a Net loss of Rs 587.68 crore for the quarter ended Sep 2016.
The Bank recorded an Operating Profit of Rs.919.29 crore for the Half-year ended 30 Sep, 2016 as against Rs.837.86 crore as on 30 Sep, 2015 showing a YoY growth of 10%. Due to higher provisions for NPA (including additional prudential provisions) and taxation the Bank reported a Net loss of Rs.1330.57 crore for the Half-year ended Sep 2016.
The Other income grew by around 76% YoY during the second quarter, from Rs 226.43 crore during Q2 FY2015-16 to Rs.399.53 crore during Q2 FY2016-17, on the back of robust growth in profit from Treasury operations.
While, the Total Deposits grew by Rs.7085 crore YoY mainly driven by CASA growth of Rs.4257 crore representing more than 60% of Total deposit growth. The trend is also reflected during the current financial year with a CASA growth of Rs 1616 crore out of the Total deposit growth of Rs.3078 crore representing 53% of Total deposit growth during this current financial year.
“The Bank has been consistently replacing high cost deposits and bulk deposits with retail deposits to cut interest costs. SBT’s Current and Savings (CASA) deposits ratio stood at 32.45% as on Sep 2016 as against 30.44% as on Sep 2015. The high cost deposit and bulk deposits came down sharply from 11.48% to 7.99% (YoY)”, Sasikumar C R, MD, SBT, said.
The Bank’s total advance stood at Rs 68,180 crore as on 30.09.2016, as against Rs 67,328 crore as on 30.09.2015 and registered a YoY growth of Rs.852 crore. The Personal segment and SME advances grew by 11% and 17% respectively over the previous year. SBT’s total number of branches stood at 1,177 and the total number of ATMs were at 1,734 covering 16 States and 3 Union Territories. The Bank has 851 branches and 1370 ATMs in Kerala alone.
The Gross NPA stood at 11.55%, while the Net NPA stood at 7.20% as on 30th Sep 2016. Bank has provided additional Prudential provisions over and above RBI stipulations for som
e stressed accounts. The Provision Coverage Ratio (PCR) stood at 50.35%.
The financial results of the Bank as on 30.09.2016 were taken on record and approved at its Board meeting held on 26.10.2016.