NRI deposits grow to 85 bn in Kerala bank

Thursday, 24 May 2007, 07:00 Hrs
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Thiruvananthapuram: NRI deposits in Kerala's State Bank of Travancore (SBT) have grown by 9.14 percent to touch 85.95 billion ($2 billion) in the last fiscal.

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

Net profit of the bank has grown from 2.5 billion to 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.
Source: IANS
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