SBT's net profit up to Rs 258 crores

Thiruvananthapuram, May 26: The State Bank of Travancore has registered a higher net profit of Rs 258.68 crore during the year ended March 31, 2006 as against Rs 247.13 crore in the previous fiscal.

The Bank's new Managing Director K Sita Ramam told newspersons here last evening that the bank had declared a dividend of 100 per cent, up from the 75 per cent paid during the last two financial years.

''Profitability could be sustained mainly on account of an increase in the net interest income and lower depreciation on the investment portfolio,'' he said.

The gross non-performaing assets were brought down sharply from 4.28 per cent in March 2005 to 3.18 per cent in March this year. While the bank's total business increased by Rs 4989 crore, total deposits grew by Rs 1863.50 crore during the period to touch the level of Rs 25,996.51 crore. Deposits from NRIs also rose by Rs 689.24 crore to touch Rs 7875.97 crore.

UNI