SBT Q2 profit declines by 59% to Rs 55 crore

NEW DELHI: State Bank of Travancore ( SBT), an associate bank of SBI, today reported 59 per cent decline in net profit to Rs 55.34 crore for the July-September quarter of 2013-14 fiscal.

It had posted a net profit of Rs 135.63 crore for the same period of last fiscal.

The total income in the period under review increased to Rs 2,566.09 crore from Rs 2203.92 crore in the year-ago period, SBT said in a filing to the BSE.

During the first half of the current fiscal, the bank's net profit slipped by 24 per cent at Rs 241 crore as against Rs 317.07 crore in the same period last year.

The total income rose to Rs 5,183.14 crore in the first six months from Rs 4,445.91 crore in the year-ago period.

As of September 30, 2013, gross non-performing assets ( NPAs) of the bank was 3.50 per cent of gross advances, as against 2.98 per cent year a year ago.

Its net non-performing assets during Q2, 2013-14 rose to 2.07 per cent from 1.74 per cent.