At the end of fiscal in which non-resident deposits were feared to shrink significantly, Kerala’s market leader in NRI
deposits, the State Bank of Travancore, achieved a record net profit of Rs 607.84 crore, and declared a 130% dividend. The bank had declared a dividend of 100% in the previous year.
The net profit of Rs 607.84 crore for 2008-09 over the net profit of Rs 386.11 crore in the previous fiscal represented a 57.43% growth. The operating profit, too, showed an impressive 49% growth from Rs 709 crore in 2007-08 to Rs 1,056 crore in 2008-09.
SBT managing director A K Jagannathan said gross NPAs were brought down from 2.01% of total advances in March 2008 to 1.65% at the end of March 2009. Net NPAs during the same period were brought down from 0.95% to 0.58%.
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