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State Bank of Travancore continued its record of strong performance during the year ended March 31, 2011 also, in the key parameter Shri P Pradeep Kumar, Managing Director, said that the bank registered a growth of 20.95 per cent in its operating profit at Rs. 1,176 crore against Rs. 972 crore in the previous year driven by a healthy growth of 21.14% in Net Interest Income at Rs. 1,696 crore against Rs. 1,400 crore last year. Total income improved by 18 per cent to Rs. 5,810 crore from Rs. 4,906 crore. Total expenditure, excluding provisions and contingencies, stood at Rs. 4634 crore against Rs. 3,934 crore with interest expenditure accounting for Rs. 3,533 crore (Rs. 2,978 crore). After taking into account additional provisions for staff, NPA and income tax, the net profit has moved up by 6.35% to Rs. 727.73 crore from Rs. 684.27 crore. The Operating Profit for the fourth quarter was higher by 13.47% at Rs. 315.10 crore against Rs. 277.68 crore in the same quarter last year. The Net Profit for the quarter improved to Rs. 238.32 crore from Rs. 217.23 crore. The performance of the Bank was taken on record at a meeting of the Board of Directors of the Bank held at Mumbai on the 27th April 2011. The directors have declared a total dividend of Rs. 18 per share of face value Rs. 10. Bank has already paid an interim dividend of Rs. 8 per share in October 2010. Earnings per share improved to Rs. 145.54 from Rs. 136.85 and the book value to Rs.640.57 from Rs. 531.56. The net interest margin has improved from 2.82 to 2.87%. Return on Assets stood at 1.12%, while Return on Equity was at 24.83%, which continues to be amongst the highest among Public Sector Banks. The Bank’s Board of Directors had earlier approved a Rights Issue of shares to the shareholders for an amount of Rs. 500 crore. The approvals from the RBI and State Bank of India for the issue have been received. The capital augmentation will serve to improve the Capital adequacy ratio of the Bank in 2011-12. The overall business of the bank registered a growth of 20.3 per cent at Rs. 1,04,202 crore against Rs. 89,345 crore with Deposits accounting for Rs. 58,158 crore (Rs. 50,883 crore) and Advances Rs. 46,044 crore (Rs. 38,461 crore). Priority sector advances grew by 21.68 per cent to Rs. 17,353 crore from Rs. 14,260 crore. The share of Priority sector lending has moved to 44.07% of the Adjusted Net Bank credit from the previous year’s position of 43.87%, against the stipulated benchmark of 40%. Agriculture segment was the star performer during the year. The Advances under this segment moved up by 70% to Rs. 5,580 crore from Rs. 3,289 crore at the end of previous year. The percentage of Gross NPAs to Gross Advances stood at 1.80% on 31st March 2011 with the Gross NPA level at Rs. 835.22 crore. The percentage of Net NPA to Net advances remained below 1% at 0.98% as on 31st March 2011. The Bank’s Provision Coverage Ratio stood at 69.01%, and is comfortably ahead of the timelines agreed with RBI to reach 70% coverage ratio by September 2011. The total CRAR position under Basel-II framework as on 31/03/2011 was 12.54% against a minimum of 9% stipulated by RBI. The Tier- I CRAR as on 31/03/2011 at 9%. The Bank has further expanded its credit deployment in Kerala, particularly in Housing Loans, Car Loans and other Retail Loans. Bank’s CD Ratio in Kerala has improved from 59% in March 2010 to 62% in March 2011. |
