State Bank of Travancore Q2 Net plunges 65 per cent to Rs 19 crore

NEW DELHI: State Bank of Travancore's net profit fell over 65 per cent to Rs 19.18 crore in the second quarter ended September 30, as expenses and tax outgo went up.

The bank's net profit in the corresponding July-September quarter of previous fiscal stood at Rs 55.34 crore.

Total income rose by a marginal 1.7 per cent to Rs 2,608.91 crore during the second quarter, up from Rs 2,566.09 crore in 2013-14, it said in filing to the BSE.

SBT's total expenditure rose to Rs 2334.35 crore in September quarter compared to Rs 2,256.47 crore a year ago.

Tax outgo also increased to Rs 13.88 crore versus Rs 2.35 crore in the same period of the previous fiscal.

The bank's gross NPAs (non-performing assets) or bad loans soared to 5.11 per cent during the quarter, over 3.5 per cent of the total advances a year ago.

Net NPAs increased to 3.2 per cent as of September 30, 2014, from 2.07 per cent a year ago.

The bank made a provisioning of Rs 241.49 crore towards bad loans in Q2-FY15, down from Rs 251.93 crore year earlier.

Shares of the bank today closed 0.89 per cent lower at Rs 445.80 apiece on the BSE.