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Hyderabad, April 25

State Bank of Hyderabad’s net profit decreased 6.7 per cent at Rs 186.23 crore in the fourth quarter of the financial year ended March 31 compared to Rs 199.54 crore in the corresponding quarter of previous fiscal year. The decline in the net profit was due to a provisioning of Rs 23 crore made during the quarter towards employee wage revision and sick leave, according to a release. The higher cost of deposits in the quarter under review brought down the gross profit by 5.92 per cent at Rs 352.35 crore. For the year 2007-08, the net profit increased 10.19 per cent to Rs 556.99 crore (Rs 505.50 crore) backed by 22.7 and 26.6 per cent growth in deposits and advances respectively. This led to a 24.31 per cent growth in the total business at Rs 88,600 crore. The bank is targeting 25 and 30 per cent growth in deposits and advances respectively in 2008-09 with a net profit of over Rs 765 crore. The bank is Basel II complaint since March 31, the release added.

— Our Bureau

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