SBT’s Net Profit at Rs 338 Crore

KOCHI:
State Bank of Travancore recorded an Operating Profit of Rs 1798 crore for the year ended 31 Mar, 2016 as against Rs 1372 crores for the previous year, with robust growth 31% Y-O-Y. Net Profit was Rs 337.73
crore as against Rs 335.53 crore for the corresponding period last year.
The Board of Directors of the Bank have declared a dividend of Rs 5 per share of the face value of Rs 10 each (50%). The operating profit of the Bank was driven by 12% hike in Net Interest Income and 28% surge in Fee income. Compared to the corresponding quarter of the last financial year, the March quarter operating profit
recorded an increase of 16.88%. (From Rs 468 crore to Rs 547 crore).
“The Bank has been consistently replacing high cost deposits and bulk deposits with retail deposits to cut interest costs. The high cost deposit and bulk deposits came down sharply from 13.24% to 9.34% (YoY)”, Jeevandas Narayan, MD, SBT, said.
The Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on 31 Mar 2016 improved to 11.60% [under the Basel III framework] from1 0.89% as on 31 March 2015. The regulatory minimum prescribed by the Reserve Bank of India is 9.625%.
The Bank crossed the milestone of Rs 100,000 crore in Deposits during the year. The deposits grew by 11.03% to Rs 101,119 crore as on 31.03.16 against Rs 91,077 crore as on 31.03.2015. The notable feature has been the robust growth in CASA, which contributed 50% of the growth in deposits during the year. CASA recorded a YoY growth of Rs 5073 crore (18.70%).
SBT’s Current and Savings (CASA) deposits ratio stood at 31.84% as on 31.03.2016 as against 29.79% as on 31.03.2015. The NRI Deposits maintained the growth momentum and went up by Rs 6014 crore YoY and
reached the level of Rs 35,622 crore as on Mar 2016. The Bank’s cost of deposits has come down to 6.94% as on 31.03.2016 from 7.32% as on 31.03.2015.
The Bank’s total advance stood at Rs 67,004 crore as on 31.03.2016, as against Rs 69,907 crore as on 31.03.2015. The Personal segment and SME advances grew by 10% and 14% respectively over the previous
Bank is focusing on increasing its credit deployment mainly in the areas of retail, MSME and Mid Corporate segment and to maintain the improving trend in profitability.
“We have recently opened two Mid Corporate Branches in Kerala to garner a higher share of the business of the Mid Corporates” Jeevandas Narayan, MD, SBT, said.
The Bank’s total business was Rs 1,68,123 crore as at the end of Mar 2016. SBT’s total number of branches stood at 1,177 and the total number of ATMs were at 1,707 covering 16 States and 3 Union Territories. The
Bank has 852 branches and 1345 ATMs in Kerala alone. The Gross NPA stood at 4.78% as on 31.03.2016 as against 3.37% as on 31.03.2015. The Net NPA was at 2.77% as on 31.03.2016 as against 2.04% as on 31.03.2015. Bank has provided additional Prudential provisions over and above RBI stipulations, which resulted in 92%
increase in Provisions during the year. Thus the Provision Coverage Ratio (PCR) improved to 61.49% as on 31.03.2016 compared to 60.62% as on 31.03.2015.
The audited financial results of the Bank for the Financial Year 2015-16 were taken on record and approved at its Board meeting held on 25.04.2016.