SBT profits touch all-time high

By Our Special Correspondent

THIRUVANANTHAPURAM, JUNE 3. The fiscal 2000-2001 has turned out to be an excellent year for the State Bank of Travancore (SBT), with its net profit touching an all-time high of Rs. 97.49 crores.

The increase is 47 per cent over last year's net profit of Rs. 66.44 crores. Significantly, the achievement has been in spite of the VRS expenditure of Rs. 44 crores the bank had to meet during the year.

The increased profits have prompted the SBT to declare a higher dividend of 30 per cent for 2000-2001.

The dividend was 25 per cent in the previous year. The earning per share has shot up to Rs. 194.98 (from Rs. 132.90 in 1999- 2000) and the book value per share to Rs. 1,029 (from Rs. 867 in 1999-2000).

The SBT continues to be the market leader in Kerala, with its total business (excluding investments) having reached nearly Rs. 18,000 crores, the bank says in a press release issued here today.

The deposits grew by 14 per cent to reach a level of Rs. 11,573 crores. Nearly 43 per cent of these deposits has been contributed by non-resident Indians.

The advances have increased by 25 per cent to reach a level of Rs. 6,397 crores.

The priority sector lending forms 63 per cent of the net bank credit as against the benchmark of 40 per cent.

The credit-deposit ratio in Kerala has gone up marginally from 52.24 per cent in the previous year to 52.55 per cent in 2000-01, according to the press release.

The gross NPA has come down from 14.43 per cent to 11.38 per cent and the net NPA from 8.58 per cent to 7.75 per cent.

The bank's capital adequacy ratio also stands improved from 11.09 per cent to 11.79 per cent due to the addition to net worth from profits and also the raising of subordinated bonds totaling Rs. 100 crores during the year.

The bank claims that it has made good strides in technology during the year. About 72 per cent of the bank's business is done through computers now.

The bank has 186 fully computerised and 126 partially computerised branches.

Customers under 100 branches have been provided with the facility to browse their accounts through the internet.

The SBT has become the first public sector bank in the country to offer browsing facility over mobile phones to the customers.

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Section  : Southern States
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