SBBJ chairman and managing director N K Puri says the increased profits were on account of an increase in total income at Rs 1,658 crore as compared to Rs 1,506 crore. The bank earned a revenue of Rs 814 crore from domestic treasury operations. It garnered Rs 76 crore from the sale of investments as compared to Rs 20 crore. The board has proposed a dividend of 40 per cent as compared to 35 per cent.

The total deposits have increased by Rs 1,335 crore to Rs 11,661 crore, while total advances registered an increase of Rs 717 crore to Rs 6,257 crore. The total expenditure was at Rs 1,267.64 crore (Rs 1,237.67 crore). The cost of funds has come down to 7.57 per cent as compared to 8.05 per cent.

The gross non-performing asset (NPA) levels have been reduced to Rs 615.58 crore (Rs 715 crore) with the gross NPA ratio at 9.85 per cent (12.91 per cent) and the net NPA ratio at 5.72 per cent (7.83 per cent).

The capital adequacy ratio has improved to 13.42 per cent from 12.39 per cent. Puri says the bank will be targeting Rs 200 crore in net profits with a 50-per cent growth in deposits and advances at Rs 2,000 crore and Rs 1,100 crore, respectively.