State Bank of Hyderabad (SBH) has recorded a drop in net profit of around 12.25% at R232.04 crore for the September ended quarter this fiscal.
During last fiscal, the bank?s net profit stood at R264.48 crore.
However, the bank’s total income grew by around 32.67% and stood at R2,821.91 crore of total income for the quarter ended September this fiscal, against R2,127 crore the corresponding period last fiscal.
For the H1 period, the net profit increased by 10.79% to R515.98 crore from R465.72 crore. The net interest income increased by 12.30% to R1,466.65 crore during H1 compared to R1,305.97 crore during H1 of FY11.
According to M Bhagavantha Rao, MD, the operating profit grew to R1,083.50 crore during H1 against R938.61 crore during H1FY11 recording a growth of 15.44 YoY. The total bank’s business expanded by 21.14% to touch R1,62,241 crore as opposed to R1,33,932 crore in September 30, 2010.
The deposits increased to R94,843 crore a, an y-o-y growth of 21.5% over R78,057 crore. The net interest margin of the bank stood 3.16%.
Advances increased to R67,398 crore with a y-o-y growth of 20.62% over R55,875 crore. The growth was spread across agriculture sector at R1,132 crore, MSME sector at R413 crore and housing loan sector at R545 crore.