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State Bank of Hyderabad’s (SBH) net profit declined 22.7 per cent at Rs 227 crore in the first quarter ended June 30, 2014 compared to Rs 294 crore in the corresponding quarter of the previous financial year.
The decline in the net profit was due to dip in the net interest income at Rs 999 crore (Rs 1,015 crore).
"The enhanced stress in many sectors like Infrastructure, iron and steel, textiles etc, has impacted the asset quality," SBH said in a release issued here on Friday.
As a result, net non-performing assets (NPAs) increased from Rs 2,985 Cr to Rs 3,197 cr, ratio increasing from 3.12 per cent to 3.37 per cent during the same period.
The net interest margin had also come down to 3.02 per cent (3.29 per cent). Bank’s total business stood at Rs 2,20,730 cr as at end of June 2014, the released added.
During the quarter under review, SBH opened 10 branches during increasing the total branch network to 1,704. This includes 700 branches in Telangana and 371 branches in Andhra Pradesh.
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