State Bank of Travancore net profit at Rs 728 crore, to pay 180% dividend

State Bank of Travancore to pay 180% dividend
With a net profit of Rs 727.73 crore, the State Bank of Travancore has ended fiscal 2010-11 up 6.35% against the previous year's Rs 684.27 crore.

Along with the improvement 21% to Rs. 1,176 crore in the bank"s operating profit, the growth21% to Rs. 1,696 crore was also notice in the net interest rate of the bank, in the same period. Impressed by the growth, the board subsequently declared a dividend of Rs 18 per share of face value of Rs 10.

However, an interim dividend of Rs 8 per share in October 2010 was already paid by the bank. The rise has also caused the bank"s earning per share to move up from Rs. 136.85 to Rs 145.54.

A simultaneous improvement was also noticed in the book value that went up to Rs 640.57 from Rs 531.56 in the just-concluded fiscal as against the previous year. As per the P Pradeep Kumar, managing director of SBT, the bank has registered an increased 18% to Rs. 5,810 crore in the total income of the year 2010-2011 against Rs 4,906 crore in the previous year.

Earlier, a right issue for an amount worth Rs. 500 crore was approved by the RBI and SBI, after the same was proposed by the board of directors of the bank, in front of the authority. The capital augmentation is expected to improve the capital adequacy of the bank in the current fiscal. Tracing back the recent history, increase 20% was marked by the SBT"s overall business.

The increased was calculated to increase the amount to Rs 1,04,202 crore from against Rs 89,345 crore that was calculated in the previous year. However, during the just-concluded fiscal, after opening 44 new branches, SBT was successful in taking the branch network numbers to792. As per officials, RBI has already approved SBT to open 75 more branches.

Read more about: sbt, bank, bse
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