SBH net profit up by 41.1% to Rs 284 crore

HYDERABAD: The State Bank of Hyderabad has earned a net profit of Rs 284 crore for the first quarter ended on June 30, an increase of 41.1 per cent compared Rs 201 crore earned it registered last fiscal. The growth in net profits was mainly attributed to 29 per cent increase in net interest income at Rs 2,348 crore.According to first quarter results released by SBH authorities, the bank’s total business grew by 18.42 per cent to touch Rs 1,58,842 crore as on June 30 from Rs 1,34,000 crore for the same period during the previous financial year. While deposits increased to Rs 92.616 crore this year from Rs 79,633 crore, advances increased from Rs 54,493 crore from last year to Rs 66,226. The growth in advances was spread across all categories of borrowers where the bank advanced Rs 11,504 crore to agriculture sector, Rs 11,509 crore to MSMEs and Rs 6,790 crore housing loans. The net interest income of SBH grew by 15.23 per cent to Rs 713.49 crore as compared to Rs 619.17 crore last fiscal. The operating profit grew to Rs 526.9 crore from Rs 485 crore last year.The bank's branch network increased to 1,324 with the opening of 130 new ones during the last fiscal. Another 150 branches are planned for the current financial year. Business per branch grew to Rs 119 crore from Rs 110 crore in the first quarter of 2010-11. Over 4,000 officers and clerical staff are to be recruited to take care of not only current needs but also for future needs. The bank has been allotted 1,102 unbanked centres which are to be covered under the financial inclusion programme.