The State Bank of Travancore has declared its first quarter financial results for the fiscal year 2010-11. The company has posted a net profit of Rs 149.80 crore for this quarter.

The net profit of the firm was reported to be Rs 179.59 crore for the same quarter last year. Hence there has been a decline of 17% in the net profit figure this time against last year’s record.

The SBT officials have informed that higher provision is one of the major causes of this decrease in the net profit figure. to market movements, and higher staff expenses due to the wage division has been another cause of this declined profit.

So far as the operating profit of the firm is concerned, it has gone up to Rs 270.53 crore during the April-June period of fiscal year 2010. It has Rs 225.78 crore for the same quarter last year. This has been informed by State Bank of Travancore in a filing at the Bombay Stock Exchange.

The bank has also managed to improve its net interest income by 19% in this quarter.