State Bank of Travancore plans to achieve 1000 branches by March 2013

Chennai:

State Bank of Travancore (SBT) plans to achieve 1000 branches by adding 46 more to the total by March 2013, according to the bank’s managing director P Nanda Kumaran.

Speaking after inaugurating the expanded premises of SBT at Teynampet on Friday, he said SBT has made a net profit of Rs.510.46 Crore during 2011-12 and Rs 317.07 Crore for the half year ended September 2012 and is poised to exceed the target for the current year 2012-13.

SBT has a strong foot hold in Kerala followed by Tamil Nadu, out of 49 branches opened this year, 24 are outside Kerala. The bank has set up loan processing centres in 9 places across the country to process the retail and SME segment loans within prescribed time limits and sanction the loans

SBT an associate of the State Bank of India and a member of the State Bank Group, is the largest banking group in India. It has a total of 954 branches and 950 ATM’s across the country.   Also present during the occasion were E K Harikumar, Chief General Manager (Commercial Banking), SBT and Santanu Mukherjee, General Manager, (CNW), SBT.

SBT offers a wide range of services such as Personal Banking, NRI Banking, Corporate Banking and MSE. The share of priority sector lending was 43.64 per cent of the Adjusted Net Bank Credit (ANBC) in March 2012 against the stipulated benchmark of 40 per cent. Agriculture segment was the star performer during the year 2011-12. The bank has surpassed the benchmark level of 18pc under Agriculture sector and achieved 19.15pc of   ANBC. The bank is authorized to collect direct taxes, indirect taxes, commercial taxes etc.