State Bank of Travancore net up 41%; 50% dividend declared

Thiruvananthapuram:  State Bank of Travancore (SBT) has recorded a 41-per cent rise in its net profit during 2002-03 and the board of directors has declared a dividend of 50 per cent subject to approval from the Reserve Bank of India.

An SBT spokesman says the earnings per share touched Rs 342.08 (Rs 241.86) and the book value Rs 1,445.60 (Rs 1,220.28). The net non-performing assets came down by 2.66 per cent to a new low of 3.06 per cent.

The capital adequacy ratio stood at 11.30 per cent and the net worth went up to Rs 723 crore (Rs 610 crore). The credit-deposit ratio (for Kerala) improved to 48.07 per cent (46.13 per cent) while the credit plus investment to the deposit ratio looked up to 53.79 per cent (52.09 per cent).

The total business crossed Rs 25,000 crore during the year under reference. Deposits grew 18.32 per cent to Rs 15,926 crore, even as the bank continued to be the preferred destination for non-resident deposits.

Advances have grown 23 per cent to touch Rs 9,171 crore. Lending to the priority sector amounted to 45.74 per cent of the net credit as against the stipulated 40 per cent.