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Our Bureau

Hyderabad, Oct. 16 State Bank of Hyderabad (SBH) has reported a 30 per cent increase in net profit at Rs 185 crore for the second quarter ended September 30, 2008 compared with Rs 142 crore in the corresponding quarter of previous financial year.

This was driven by about 36.8 per cent growth in the interest income at Rs 1,411 crore, among other factors, Ms Renu Challu, Managing Director, State Bank of Hyderabad (SBH), told news persons here on Thursday.

During the quarter, the bank had suffered a hit of Rs 12.5 crore under MTM losses and had identified a sum of Rs 549 crore for Agricultural Debt Waiver and Debt Relief Scheme, 2008.

The net non performing assets had gone up to 0.42 per cent (0.30 per cent) due to general growth in the business, she said.

In the wake of easing of liquidity (in the aftermath of a series of CRR cuts by RBI recently), the bank would take a call on possible interest rate cuts, she said responding to queries later.

The bank is also planning to recruit about 1,500 (including 1,200 clerks), Ms Challu added.

The total business (balance sheet) stood at Rs 97,000 crore at the end of the quarter with a capital to risk (weighted) assets ratio (CRAR) of 13.27 per cent.

More Stories on : Financial Performance | Public Sector Banks

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