SBT net loss touches Rs 67.76 crore in Q3

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Public sector State Bank of Travancore
(SBT) has recorded a Net loss of Rs 67.76 crore for the quarter ending December, 2016. Due to higher provisions for NPA (including additional prudential provisions) and taxation, the Bank reported a Net loss of Rs 67.76 crore for the third quarter, an SBT press release said.

Net NPA stood at 8.03 percent as on December 31 2016. The Operating Profit stood at Rs 440.74 crore for the quarter. SBT had recorded an Operating Profit of Rs 1360.03 crore for the nine month period ending December 2016 as against Rs 1250.86 crore for the same period of the previous year, showing a YoY growth of 8.73 percent.

Due to higher provisions for NPA (including additional prudential provisions) and taxation the Bank reported a Net loss of Rs 1398.34 crore for the nine month period ending December 2016.

Other income grew by Rs 437.85 Crore (59.69 percent), from Rs 733.58 Crore to Rs 1171.43 crore as on December 31, 2016, for the nine month period ended YoY, on the back of robust growth in profit from Treasury operations.

Total Deposits grew by Rs 12,905 crore YoY, mainly driven by CASA growth of Rs 9,241 crore representing 72 percent of Total deposit growth. “The Bank has been consistently replacing high cost deposits and bulk deposits with retail deposits to cut interest costs.

SBT’s Current and Savings (CASA) deposits ratio stood at 36.42 percent as on December 2016 as against 31.89 percent as on Dec 2015. The high cost deposit and bulk deposits came down sharply from 10.13 percent to 7.19 percent (YoY), Sasikumar C R, Managing Director, SBT, said.