SBH Quarterly Net Profit Rises To Rs 178 Crore

Hyderabad, January 21: | Updated: Jan 22 2003, 05:30am hrs
State Bank of Hyderabad (SBH) has posted a net profit of Rs 177.77 crore for the quarter ended December 31, 2002 compared to Rs 151.26 crores as on December 31, 2001 registering a growth of 17.53 per cent. The gross profit recorded a growth of 12.20 per cent and stood at Rs 451.27 crores (Rs 402.22 crores).

The banks total income grew by Rs 100.34 crores to Rs 1736.85 crores (Rs 1636.51 crores) and the total expenditure recorded a marginal growth of 4.16 per cent and stood at Rs 1285.58 crores (Rs 1234.29 crores), according to a press release.

On a quarter-to-quarter basis, the total income has improved by 10.99 per cent while the expenditure increased by 3.76 per cent during the current quarter. The gross profit stood at Rs 167.64 crores recording a growth of 35.24 per cent during the current quarter. The income from advances recorded a growth of 6.36 per cent while that from investment grew by 10.45 per cent. The average level of investments grew by Rs 1823.23 crores while average level of advances grew by Rs 1221.41 crores.

The banks total business on a year-on-year business increased by 22.11 per cent to Rs 28,224 crores (Rs 23,114 crores) with deposits at Rs 18,797 crores (Rs 14,837 crores) and advances at Rs 9,427 crores (Rs 8,277 crores) for December 2002.

Gross NPAs of the bank have come down from Rs 1,090.68 crores as on December 31, 2001 to Rs 917.04 crores by December 31, 2002. The bank has so far issued 202 notices to defaulting borrowers and has able to recover Rs 2.27 crores of NPAs.

Meanwhile, the bank has introduced customer-friendly products like SME Credit Plus, Rent Plus, short term housing loan, etc, and revised its existing schemes for financing housing, vehicles and personal loans. Computerised branches have increased to 203 from 154 by the end of December 2002 and also increased ATMs from 18 to 38 by the December 2002, added the release.