Thursday, May 24, 2007

NRI Deposits Grow To Rs.85 Bn In Kerala Bank

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

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 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.


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