State Bank of Travancore Q3 net profit rises 23% to Rs 91.5 crore

State Bank of Travancore (SBT) on Monday reported a 23% increase in its net profit at Rs 91.47 crore for the December quarter on account of higher income from operations. The bank's net profit stood at Rs 74.34 crore during the same period last fiscal.

Total income of the bank increased to Rs 2,660.29 crore for the quarter under review from Rs 2,627.06 crore in the year-ago period, it said in a BSE filing.

SBT's income from corporate/wholesale operations increased to Rs 1,777.93 crore during the said quarter as against Rs 1,263.83 crore in the same period a year ago.

However, the bank substantially raised its provisions and contingencies to Rs 318.65 crore for the third quarter (Q3) ended December as against Rs 224.46 crore parked aside in the corresponding quarter of the previous fiscal.

Besides, SBT said it paid Rs 222.40 crore on account of wage arrears relating to the period from November 2012 to May 2015, out of the provision of Rs 284.85 crore made in earlier years under the provision for wage revision.

The bank also improved the quality of its assets with the gross non-performing assets (GNPAs) or bad loans falling to 3.87% of the gross advances in the period under review as against 4.91% in the year-ago period.

Net non-performing assets (NPAs) stood at 2.46% of net advances for the quarter under review from 3.06%, a year ago.

On Tuesday, at 1203 hours, the shares of State Bank of Travancore were trading up 2.28% or Rs 9.00 at Rs 403.65 per scrip intraday on the BSE.