State Bank of Travancore falls 4 per cent as Q4 net skids

State Bank of Travancore (SBT) has reported a 67.6 per cent decline in net profit at Rs 62.1 crore in the fourth quarter ended March due to a sharp increase in provisioning for bad loans.

Shares of State Bank of Travancore fell by nearly 4 per cent today after the company reported a near 68 per cent decline in its net profit in the fourth quarter ended March. The stock went down 3.72 per cent to Rs 385 on BSE. On NSE, it declined 3.71 per cent to Rs 381.

State Bank of Travancore (SBT) has reported a 67.6 per cent decline in net profit at Rs 62.1 crore in the fourth quarter ended March due to a sharp increase in provisioning for bad loans. The bank had reported a net profit of Rs 191.9 crore in the same quarter a year ago. Its total income in the quarter under review grew 3.64 per cent to Rs 2,801.7 crore as against a total income of Rs 2,703.2 crore in January-March of 2014-15.

SBT’s total provisioning in the quarter against bad loans grew by over five-fold to Rs 520.32 crore compared with Rs 92.21 crore a year earlier. The bank’s gross non-performing assets (NPAs) stood at 4.78 per cent of total advances as against 3.37 per cent in the year-ago period. Net NPAs read 2.77 per cent of total advances compared with 2.04 per cent a year ago.