The Hindu Business Line : SBH nets Rs 99 cr in Q3

State Bank of Hyderabad (SBH) has recorded total income of Rs 1,036.41 crore and a net profit of Rs 98.87 crore for the third quarter ended December 31, 2006 as against total income of Rs 799.89 crore and a net profit of Rs 62.11 crore for the corresponding quarter last fiscal.

For the nine months ended December 31, 2006, the bank recorded total income of Rs 2,884.58 crore and a net profit of Rs 305.95 crore as against total income of Rs 2,322 crore and a net profit of Rs 203.59 crore for the corresponding period last year.

The Managing Director of SBH, Mr Amitabha Guha, said that the bank recorded 59.20-per cent growth in net profit during the quarter over corresponding quarter last year mainly due to growth in both interest and non-interest income.

Addressing a press conference here today, Mr Guha said that the total business crossed Rs 66,593 crore up to December 2006 reflecting a year-on-year growth of Rs 13,072 crore, up 25.37 per cent.

Highlighting some key indicators, Mr Guha said gross non-performing assets were brought down to Rs 400.50 crore as against Rs 569 crore. The net NPAs as a percentage to net advances reduced to 0.16 per cent.

Loans to priority sector stood at Rs 10,497 crore and accounted for about 38.92 per cent of the net bank credit with major thrust to the agriculture sector. Non-interest income for the current year was Rs 412 crore, which is higher by 44.40 per cent over previous year's Rs 285 crore.

Asked about plans to go public, Mr Guha said it would depend on the necessary amendments to the Banking Act and potentially be in Q1 of next fiscal.

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