State Bank of Travancore (SBT) has reportedly unveiled a loan product designed to support unskilled labourers who are being forced to return from Saudi Arabia. This new loan product will provide financial assistance to said labourers for starting ventures in the manufacturing, agriculture, services and trading sectors. Meanwhile, the bank is also planning to open 250 more branches in current fiscal. It opened 134 branches during 2012-13, taking the total number to 1,013.
The bank has reported 30.41% rise in its net profit at Rs 131.99 crore for third quarter ended December 31, 2012 as compared to Rs 101.21 crore for the same quarter in the previous year. Total income of the bank has increased by 20.45% at Rs 2297.15 crore for quarter under review as compared to Rs 1907.06 crore for the quarter ended December 31, 2011.
