NRI deposits increase in Kerala bank

NRI deposits in a Kerala's bank have increased by 9.14% to touch Rs 85.95 billion ($2 billion) in the last fiscal.

NRI deposits in Kerala's State Bank of Travancore (SBT) have grown by 9.14 per cent to touch Rs.85.95 billion ($2 billion) in the last fiscal.

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Total deposits have also grown from Rs.259.97 billion in 2005-06 to Rs.309.84 billion in 2006-07 and total business currently stood at Rs.560 billion, Chairman and Managing Director K Sitaraman told reporters on Thursday.

Net profit of the bank has grown from Rs.2.5 billion to Rs.3.2 billion, he said.

SBT, which has 704 branches including 572 in Kerala, is a major player in the NRI market and has rupee drawing arrangements with 20 exchange houses in the Middle East.