Our Banking Bureau

Hyderabad, June 14: State Bank of Hyderabad (SBH), a premier associate of SBI, has posted a net profit of Rs 150.22 crore for the year 2000-01 registering a higher growth rate of 17.53 per cent over the previous year.

Speaking to media here, the bank’s managing director KSV Krishnamachari said that it has targeted to achieve a business turnover (deposits and advances) of Rs 25,000 crore by March 2002. For the year 2000-01, the bank has registered a business turnover of Rs 23,599 crore.

Mr Krishnamachari said the bank has so far implemented computerisation in 310 branches and 70 per cent of its business has been computerised. In the current year, it has proposed to computerize 138 branches of which 33 branches will be fully computerized with an investment of Rs 16 crore.

Further, the bank has plans to market the insurance products, which will be introduced by its parent State Bank of India, Mr Krishnamachari said.

Coming to non-performing assets (NPAs), the bank has reported net NPAs to the tune of Rs 555 crore from Rs 444 crore in the previous year. The gross NPAs have increased from Rs 731 crore to Rs 883 crore, he said.

During the year, the bank has implemented VRS-2001 and 1545 employees were permitted to go on voluntary retirement.

The bank has incurred Rs 155 crore under this scheme. As per the RBI regulations, the bank has charged Rs 45.90 crore to the profit and loss account.