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SBT half-yearly profits up

THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has recorded a net profit of Rs. 154.09 crore during the first half of this financial year ended September 30, the bank said in a press release here on Monday.

The net profit increased by 12.84 per cent compared with Rs. 136.56 crore achieved during the same period last year.

The operating profit during the first half of 2007-08 came to Rs. 287.95 crore, the release said.

The Capital to Risk Adjusted Assets Ratio of the bank as at the end of September 2007 improved to 12.87 per cent from 11.68 per cent as on March 31, 2007.

The total income of the bank during the half-year ended September 2007 increased by 30.28 per cent touching Rs. 1807.20 crore from Rs. 1387.16 crore during the corresponding period last year. Interest income went by 30.58 per cent (year-on-year) to reach Rs. 1704.59 crore from Rs. 1305.37 crore.

The credit-deposit ratio of the bank in the State increased by 4.94 per cent (year-on-year) to reach 80.45 per cent as at the end of September 2007. The performance of the bank during the second quarter of the current financial year was taken on record at a meeting of its board of directors held on Saturday.

The deposit base of the bank increased by 20.04 per cent to reach Rs.33,102 crore and the gross advances by 27.90 per cent to reach Rs. 26,632 crore year-on-year as at the end of September 2007.

The total business of the bank grew by 23.42 per cent to touch Rs. 59,734 crore as at the end of September 2007 from Rs. 48,398 crore at the end of September 2006.

The special focus on agricultural finance is yielding good results, with the lending to this segment shooting up by Rs. 1,064 crore to reach Rs. 3,370 crore during the period from September 2006 to September 2007, the bank said. Agricultural finance grew by 46 per cent during the one-year period.

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