SBT’s Q3 Operating Profit at Rs. 440.74 crore

Destination-Kerala-SBT

Thiruvananthapuram: State Bank of Travancore (SBT) has recorded an operating profit of Rs. 440.74 crore for the quarter ended December 31, 2016 as against Rs.412.99 crore during the same period of the previous fiscal, showing a YoY growth of 6.72 per cent.

However, on account of higher provisions for NPA (including additional prudential provisions) and taxation, the Bank reported a net loss of Rs. 67.76 crore for the quarter ended December 31, 2016.

The Bank recorded an operating profit of Rs.1360.03 crore for the 9 months ended December 31, 2016 as against Rs.1250.86 crore as on December 31, 2015 showing a YoY growth of 8.73 per cent. Due to higher provisions for NPA (including additional prudential provisions) and taxation the Bank reported a Net loss of Rs.1398.34 crore for the Nine Month ended December 31, 2016.

The other income grew by Rs. 437.85 crore (59.69 per cent), from Rs.733.58 crore as on December 31, 2015 to Rs.1171.43 crore as on December 31, 2016, for the nine months ended YoY, on the back of robust growth in profit from Treasury operations.

The Total Deposits grew by Rs.12905 crore YoY mainly driven by CASA growth of Rs.9241 crore representing 72 per cent of total deposit growth.

“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 36.42 per cent as on December 31, 2016 as against 31.89 per cent during the same period of the previous fiscal.  The high cost deposit and bulk deposits came down sharply from 10.13 per cent to 7.19 per cent (YoY)”, Sasikumar C R, MD, SBT, said.

The Bank’s total advance stood at Rs. 66,865 crore as against Rs. 67,241 crore during the same period of the previous fiscal. The personal segment and SME advances grew by 9 per cent and 15 per cent respectively over the previous year.

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