THIRUVANANTHAPURAM: State Bank of Travancore (SBT) posted a net profit of Rs.326.28 crore in 2006-07, as against Rs.258.68 crore in the previous year, the year to year increase being 26.13 per cent.

The board of directors of the bank on Wednesday declared a dividend of 100 per cent for the year. This is the second year in succession the bank is giving 100 per cent dividend, the bank said in a press release.

The interest income of the bank went up to Rs.2,832.27 crore in 2006-07 from Rs.2,298.62 crore in the previous year, an increase of 23.22 per cent. Despite increase in interest rates on deposits, the bank's net interest margin improved to 3.38 per cent from 3.27 per cent between 2006-07 and 2005-06, the press release said.

The earnings per share touched Rs.652.56 in 2006-07, as against Rs.517.36 in the previous year. And the book value per share reached the level of Rs.3,589 from Rs.2,663. The capital adequacy ratio of the bank stood at 11.68 per cent as at the end of March 2007.

The net non-performing assets came down to 1.08 per cent as at the end of March 2007 from 1.47 per cent at the same time in the previous year.

The total business of the bank increased by Rs.10,815 crore during the 2006-07, reaching the level of Rs.56,504 crore at the end of March 2007. The total deposits grew by 19.19 per cent (Rs.4,987.5 crore) during the year to touch the level of Rs.30,984.01 crore and the total advances by 31.38 per cent (Rs.5,919.88 crore) to reach the level of Rs.24,786.28 crore.

The bank said that the Union Cabinet had, reportedly, cleared the State Bank of India (Subsidiary Banks' Laws) Amendment Bill, 2006. The Bill, when passed, will enable the bank to raise funds through preferential allotment or private placement or public issue.

The amendment will also enable the bank to offer the shares to the shareholders in demat form.

The ceiling on the holding of the shares by an individual will also vanish.

Printer friendly page  
Send this article to Friends by E-Mail