Money & Banking

SBH posts 42% increase in net profit

| | Updated on: Apr 30, 2011

State Bank of Hyderabad has registered an increase of 42 per cent in net profit during the year ended March 31, 2011.

During the fiscal, the net profit stood at Rs 1,166 crore against Rs 823 crore in the previous fiscal, the SBH Managing Director, Ms Renu Challu, told reporters here today.

Operating profit grew by 35 per cent to Rs 2,319 crore from Rs 1,721 crore. The increase in profit is primarily on the back of higher net interest income, which grew by 53 per cent, she said.

Total business grew by Rs 27,500 crore or 21 per cent to Rs 1,56,935 crore as on March 31, 2011. Total deposits reached Rs 91,488 crore, recording a y-o-y growth of 20 per cent over Rs 76,186 crore in the preview fiscal.

Advances also increased by Rs 12,103 crore to Rs 65,447 crore, registering a y-o-y growth of 23 per cent, over Rs 53,344 crore as on March 31, 2010, Ms Challu said, adding that the CD ratio improved by 154 basis points from 71.29 per cent to 72.83 per cent.

Housing loans registered a growth of Rs 1,396 crore in 2010-11 vis-a-vis Rs 1,247 crore in 2009-10, while vehicle loans registered a growth of Rs 329 crore.

“We continued our support to students with education loans accounting for Rs 1,125 crore. Total advances to personal segment borrowers constitute approximately 20 per cent of the bank loan portfolio,” the Managing Director added.

She added: “Advances to agriculture sector registered a good growth of 24.41 per cent enabling us to comfortably achieve the Government’s benchmark of 18 per cent as early as September 2010, making us the first associate bank to achieve this and reach a figure of 18.77 per cent by March 2011.”

“Priority sector advances constitute 44.41 per cent of ANBC at Rs 23,639 crore against the 40 per cent fixed by the Government. Our advances to weaker sections stood at 13.44 per cent (Rs 7,173 crore) against the Government’s target of 10 per cent,” she said.

“We are taking banking business to 1,102 under banked villages with population exceeding 2,000 for financial inclusion to be completed by 2012. The bank has covered 309 villages against a target of covering 300 villages up to March 2011 and issued 3.5 lakh smart cards,” she said.

Published on April 30, 2011

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