State Bank of Travancore’s Q1 net profit declines 7%

State Bank of Travancore has reported results for its first quarter ended June 30, 2011.

The bank’s net profit for the quarter has declined by 7.04% at Rs 139.25 crore as compared to Rs 149.80 crore for the same quarter last year. Its total income has increased by 32.25% to Rs 1720.40 crore for the quarter under review from Rs 1300.89 crore for the corresponding quarter of the previous year.

Recently, the bank had changed the base rate from existing 9.50% to 9.75% p.a and has also decided to hike the Benchmark Prime Lending Rate (BPLR) from 14.25% to 14.50% p.a with effect July 05, 2011.