State Bank of Hyderabad Q4 net profit up 17 pct at Rs 444 crore

Written by PTI | Hyderabad | Updated: Apr 26 2014, 21:35pm hrs
State Bank of Hyderabad today reported a 17 per cent rise in its net profit at Rs 444 crore for the fourth quarter ended March 31, 2014, as against Rs 380 crore in the same period last year.

SBH Managing Director M Bhagavantha Rao said that net interest income during the quarter rose by 2.3 per cent to Rs 1,027 crore from Rs 1,004 crore in the corresponding period a year ago.

"General economic slowdown in the country and situation in the state impacted the business and industry which in turn affected the asset quality of the bank," Rao told reporters here.

The gross NPAs of the bank rose to Rs 5,824 crore during the quarter from Rs 3,186 crore during the same period last year.

Net NPAs almost doubled to Rs 2,985 crore (3.21 per cent) from Rs 1,449 crore (1.61 per cent) during the January-March quarter a year ago.

The bank expects some growth in credit offtake after the first quarter of the current fiscal, the SBH chief said.

The bank has opened 136 branches during the last fiscal, out of which 41 were in rural areas and 23 in non-banking regions, the banker said.

For the full year (FY'14), net profit declined by 18.4 per cent to Rs 1,020 crore from Rs 1,250 crore a year ago. Net interest income was almost flat at 1.5 per cent to Rs 3,976 crore during the last fiscal against Rs 3,918 crore in FY'13.