SBT's Q2 net soars over five-fold to Rs 103 crore

NEW DELHI: SBI associate State Bank of Travancore ( SBT) today reported a more than five-fold jump in its net profit at Rs 102.80 crore for the second quarter of 2015-16.

Its net profit in the same quarter of the previous fiscal stood at Rs 19.19 crore.

During the said quarter, the bank substantially cut down its non-performing assets (NPAs), or bad loans.

Gross NPA as a percentage of gross advances as of September 2015 was at 3.82 per cent as against 5.11 per cent a year ago.

Likewise, net NPA came down to 2.27 per cent of net loans disbursed, from 3.2 per cent a year ago.

The bank's total income during the reported quarter rose a marginally to Rs 2,642.93 crore, from Rs 2,608.91 crore a year earlier.

Provisioning for bad loans and contingencies came in at Rs 231.33 crore as against Rs 241.49 crore in the year-ago period.

The stock closed at Rs 408.10 on BSE, down 1.51 per cent from its previous close.