The Hindu : SBT net profits up by 41 p.c.

Online edition of India's National Newspaper
Monday, Jul 07, 2003

Southern States

Southern States - Kerala

SBT net profits up by 41 p.c.

By Our Special Correspondent

THIRUVANANTHAPURAM JULY 6. The State Bank of Travancore (SBT), premier bank of Kerala, executed a quantum jump in all performance parameters in 2002-03 as its total business crossed the level of Rs. 25,000 crores.

At a press conference after the annual general body meeting on Saturday, the bank's managing director, Amitabha Guha, said the net profitability of the bank went up by 41 per cent to touch Rs. 171.04 crores in 2002-03.

The bank distributed a dividend of 50 per cent as against 30 per cent the previous year. The earnings per share went up to Rs. 342.02 from Rs. 241.86, the book value per share to Rs. 1,445.60 from Rs. 1,220.28 and the net worth of the bank to Rs. 723 crores from Rs. 610 crores.

Mr. Guha said the expense ratio too showed an excellent trend in 2002-03. It came down to 44.72 per cent from 50.92 per cent mainly because of planned containment of expenses, he said. The deposits increased by 18.32 per cent to reach the level of Rs. 15,926 crores. The NRE deposits of the bank as at the year end stood at Rs. 6,858 crores, constituting 43 per cent of the total deposits. Advances grew by 23 per cent to touch Rs. 9,171 crores.

The thrust the bank was giving to retail lending pushed up the share of the personal segment advance to 27.91 per cent of the total advances from the previous year's level of 26.82 per cent. Out of a growth of Rs. 1,735 crores in advances, a sum of Rs. 805 crores was contributed by personal segment advance.

Mr. Guha said lendings to the priority sector formed 45.74 per cent of the net credit as against the stipulated benchmark of 40 per cent.

The staff productivity too showed a substantial increase in 2002-03. The business per employee increased to Rs. 218 lakhs from Rs. 179 lakhs the previous year and the net profit per employee to 1.51 lakhs from Rs. 1.06 lakhs.

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