SBH profit up 18% as net interest income surges

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M. Bhagvantha Rao, MD, SBH.
M. Bhagvantha Rao, MD, SBH.

Growth in net interest income has helped push up the net profit of State Bank of Hyderabad by 18 per cent to Rs 335.17 crore in the first quarter of the current fiscal, from Rs 283.94 crore during the comparative quarter of last year.

The net interest income stood at Rs 962.60 crore (Rs 713.49 crore) for the quarter under review, up 34.91 per cent. The bank also made higher made provisioning for non-performing asset to increase the provision-coverage ratio to 66 per cent. The Hyderabad-based bank’s total business expanded by 14.64 per cent to touch Rs 1,82,092 crore as on June 30, 2012. Deposits have touched Rs 1,03,909 crore, logging a year-on-year growth of 12.20 per cent. Advances have increased by 18.06 per cent to Rs 78,183 crore.

Capital adequacy ratio for the quarter, computed as per the Basel II norms, stood at 13.17 per cent. The business per employee increased to Rs 12.27 crore (Rs 11.54 crore), M. Bhagvantha Rao, Managing Director of SBH, said in a press release.

While agriculture sector advances grew by Rs 304 crore to Rs 13,213 crore, priority sector advances were up Rs 327 crore to Rs 27,415 crore. The bank has recruited over 700 officers during this financial year and proposes to hire about 1,900 clerical staff too.

(This article was published on August 3, 2012)
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