Money & Banking

SBH profit up 13% on higher net interest income

Our Bureau Hyderabad | Updated on January 21, 2011

Ms. Renu Challu , Managing Director , State Bank of Hyderabad declaring the Quarterly results of the bank in Hyderabad on Thursday . Photo: P V Sivkumar   -  BusinessLine

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State Bank of Hyderabad's (SBH) net profit increased 13 per cent at Rs 250 crore in the third quarter ended December 31, 2010, compared with Rs 221 crore in the year-ago period.

The growth in profit was driven by increase in net interest income, other income and exchanges, among others, Ms Renu Challu, Managing Director, SBH, told newspersons here on Wednesday.

Focus areas

“Our performance for the nine-month period ending December 2010 was also very good with 26.6 per cent and 61.6 per cent growth in net profit and net interest income at Rs 715 crore and Rs 2,046 crore, respectively,” she said.

The bank would continue to focus on all sectors including corporate, retail and agriculture, she said.

On the outlook for the next quarter, she said, “It will be challenging but we hope to maintain the current growth.”

To open more branches

SBH, which has 1,264 branches at present, would be opening 150 branches in next three/four months and some ATMs with cash-deposit facility.

“We are also in the process of recruiting 2,000 clerks and 1,104 officers,” Ms Challu said.

On the Malegam panel report on MFIs, she said, “We are studying it and we will be selective in lending to MFIs.”

SBH, which had Rs 60 crore exposure to the MFI sector, received no request for restructuring of loans till date, she added.

Published on January 21, 2011

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