Bank of Travancore has reported substantial increase in profitability during
the first quarter of the year. The Managing Director of the Bank, Sri A K
Jagannathan informed that the Bank posted a Net Profit of Rs. 179.58 crore for
the quarter ended
net interest income for the quarter went up by 30% to Rs. 332.85 crore from Rs.
255.23 crore in the corresponding quarter last year. The Net Interest Margin is 2.86% when
compared to 2.53% as at June 2008. The Non-Interest income of the Bank during
the first quarter ended
Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on June 2009 went
up to 14.40% [under Basel II framework] as against 12.92% in June ‘08. The
Regulatory minimum prescribed by Reserve Bank of
The Gross and Net NPA percentages are contained below the levels a year ago. Gross NPA stood at 1.94% (2.19% June’ 08) and Net NPA at 0.86% (1.16% June’ 08) respectively.
The Deposit base of the bank, on year-on-year basis, increased by 15.90% to Rs. 43,660 crore from Rs. 37,669 crore. The NRI Deposits rose by 26.21% to Rs. 11,050 crore from Rs. 8,755 crore in June ’08. Gross advances rose by 12.32 % year-on-year to Rs.32, 889 crore as at the end of June 09 from Rs. 29,280 crore in June 08. The flagship Retail Products - Housing Loans and Car Loans grew by 18% and 26% [annualised] respectively during the quarter, which is higher than the growth recorded in the same quarter previous year.
The Bank’s lending to agriculture stood at Rs. 2,774 crore. Bank has been in constant touch with NABARD officials in the district as well as state levels to step up lending under Agriculture.
Under Small and Medium Enterprises (SME) segment the Bank recorded a year -on -year growth of 22.30% to reach Rs.5491.03 crore. The Bank has already achieved the 5-year target set by the Government for doubling the SME advances as on 31.03.2005 well before the due date.
The tech-savvy Bank is guiding its customers towards a technology oriented banking and meeting the aspirations of the younger generation. During the quarter the Bank has introduced 3 in 1 e-Z Trade account, i.e., Trade, Demat and Savings account which can be operated from anywhere on the Internet. Bank has introduced E-commerce facility, which enables the Bank’s Internet Banking Customers to pay for purchases over Internet from 2500 plus websites. Mobile banking is undergoing Pilot testing and will be formally launched shortly.
The Bank has
launched a new, Innovative Student friendly Product, Combo Cards – Specially
Customised multi-functional Co-Branded ATM cum Photo Identity Cards, in
association with the
The Bank has also launched 2 new Loan Schemes - “SBT Aishwarya Home Loan Scheme” and “SBT Aishwarya Car Loan Scheme” with differential interest rates fixed for the first three years. This is an attractive limited period offer with starting Interest rate of 8%, valid for new loans sanctioned up to 30th Sep 09 only.