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Our Bureau

Thiruvananthapuram May 24 State Bank of Travancore (SBT) hopes to achieve total business of Rs 1 lakh crore over the next three years.

The optimism of the management stems from the fact that the bank's business crossed the Rs 50,000-crore mark and reached Rs 56,065 crore in 2006-07.

For the current year, SBT is aiming at a total business of Rs 69,150 crore, representing an increase of 23 per cent over last year, according to Mr K. Sitaramam, Managing Director of the bank.

He told newspersons here that the bank was expecting a 26 per cent rise in net profit during the year. In 2006-07, it had posted a net profit of Rs 326.28 crore.

The bank has declared a dividend of 100 per cent for the second year in succession.

Mr Sitaramam said the earnings per share was Rs 652.56 at the end of March 2007 against Rs 517.36 in the previous year. The capital adequacy stood at 11.68 per cent.

The average business per employee improved from Rs 3.81 crore to Rs 4.51 crore and the net profit per employee increased from Rs 2.34 lakh to Rs 2.96 lakh.

The gross non-performing assets (NPAs) went down to 2.16 per cent as at the end of March 2007 from 2.16 per cent at the end of the previous year. The net NPAs were also brought down to 1.08 per cent from 1.47 per cent.

Mr Sitaramam said the NRI deposits grew by 9.14 per cent to touch Rs 8,595.78 crore. It had initiated a number of steps to foster the NRI portfolio. These included introduction of online remittance system to enable NRI remittances from the Gulf countries to be credited in India within 24 hours; expansion of rupee drawing arrangements covering 20 exchange houses in the Gulf; and sending of marketing teams to the Gulf countries for better rapport with the customers.

More Stories on : Outlook | Public Sector Banks

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