SBT's NRI deposits touch Rs 7875.97 cr

Dubai, June 11: The State Bank of Travancore, a member of India's largest banking group State Bank of India, is bullish about its NRI patronage, following an increase of Rs 689.24 crore in its deposits to touch Rs 7875.97 crore during the last financial year.

''Our gross business last year climbed to more than Rs 45,000 crore, showing an increase of almost Rs 5,000 crore,'' Chief General Manager of SBT Pradeep Shankar, who is on a visit to Oman, told Business Times.

''As far as the bank's relationship with the NRI customers is concerned, the size of our NRI deposits designates the continued patronage of NRIs to the SBT,'' he said.

There is enormous scope for enhancing the bank's role in promoting trade and economic cooperation with the country, Mr Shankar said.

The bank's gross loans grew by more than 27 per cent last year to Rs 18,800 crore while its total deposits now stand at Rs 25,900 crore.

SBT enjoys a market share of more than 22 per cent in Kerala, and every third remittance to the state from the West Asia is to the SBT.

The bank had posted a net profit of more than Rs 250 crore last year and had declared a 100 per cent dividend.

UNI