State Bank of Travancore (SBT), an associate of SBI, has posted a net profit of Rs 510.46 crore in 2011-12 against Rs 727.73 crore in the previous fiscal.
The bank, however, registered a growth of 6.19 per cent in operating profit at Rs 1,249 crore against Rs 1,176 crore.
The fall in net profit has been attributed to various factors like additional provisions for staff, NPA and income-tax payment.
Total income improved by 29 per cent to Rs 7,477 crore from Rs 5,819 crore, the bank Managing Director, Mr P. Nanda Kumaran, and other senior managers told a press meet here last evening.
Elaborating on the bank’s performance on various fronts, the officials said “our overall performance has been much better compared to many other banks in the country during the period.’’
Total business registered a growth of 21.69 per cent at Rs 1,26,816 crore against Rs 1,04,202 crore with deposits accounting for Rs 71,470 crore and advances Rs 55,346 crore.
Priority sector advances grew 16.91 per cent to Rs 20,287 crore. Net NPA to net advances stood at 1.54 per cent per cent.
The bank opened 87 new branches during the financial year, taking the total number of branches to 879, with Kerala accounting for 676 branches.
SBT, which heads the bankers’ consortium for the proposed Vizhinjam Deep sea Port, said it is ready to make available funds for the project as soon as the Government finalised the tie-up arrangements with the partner, for which negotiations are on.