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SBT's NRI deposits up 9 per cent

SBT booked a higher net profit of Rs 2.5 billion during 2005-06 as against Rs 2.4 billion in the previous fiscal.

india Updated: May 01, 2006 11:57 IST

A slew of NRI (non-resident Indian)-friendly measures introduced by State Bank of Travancore (SBT) in Kerala saw NRI deposits grow by 9.59 per cent to touch Rs 78 billion in 2005-06 fiscal over the previous year.

The measures, introduced during the last fiscal, allowed for direct remittance from abroad through the UAE Exchange Centre.

The bank also introduced 'straight-through processing' for credit of rupee remittances from the City Exchange, UAE, Global Money Exchange Co, Oman, and Al Rajhi Banking and Investment Corporation, Saudi Arabia, directly to beneficiary accounts.

SBT booked a higher net profit of Rs 2.5 billion during 2005-06 as against Rs 2.4 billion in the previous fiscal.

The bank's board has also declared a 100 per cent dividend - up from the 75 per cent paid during the last two financial years.

Total income rose to the level of Rs 26 billion as against Rs 24 billion during 2004-05. The earnings per share touched Rs 517.36 as against Rs 494.26 last year.

At the end of March 2006, the bank's all India market share in deposits and advances stood at 1.21 per cent and 1.28 per cent, respectively.

First Published: May 01, 2006 11:57 IST