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Hyderabad, Aug. 30 State Bank of Hyderabad (SBH) has put its public issue plans on hold till December and is awaiting ‘specific roadmap’ on a possible merger with State Bank of India.

“I don’t like to speculate on time-frame for merger but with each day passing, we are moving closer to the merger,” Mr Amitabha Guha, Managing Director, SBH, told reporters here. “But, my gut feeling is that the merger will be completed by December 2008,” he added later. “It makes sense to wait. We will study the market as well as developments on the merger front,” he said. However, the bank had not dropped the idea of the IPO, he added.

During the first quarter ended June 30, the bank’s net profit increased 18.9 per cent to Rs 93.27 crore compared to Rs 78.32 crore in the corresponding period of the previous fiscal, Mr Guha said. The total business increased 27.5 per cent at Rs 73,500 crore (Rs 57,828 crore). “Our performance in the first quarter was highly satisfactory. The net NPAs as a percentage to net advances stood at 0.24 per cent as against 0.20 per cent in June 2006,” he said.

More Stories on : Public Sector Banks | Mergers & Acquisitions | IPOs | State Bank of India

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