SBI merger awaiting govt approval

Hyderabad, Apr 26 | Updated: Apr 27 2008, 06:53am hrs
The merger process of State Bank subsidiary banks with State Bank of India is awaiting Central government approval.

The merger process is not slowed down but awaiting center's approval, State Bank of Hyderabad chairman and managing director Amitabha Guha told mediapersons here on Friday night.

Announcing the annual results ending March 31, 2008, Guha said SBH has recorded a business of Rs 88,665.46 crore during FY 2008 against Rs 71,000 crore during 2007 and the net profit was recorded at Rs 556.99 crore in 2008 against Rs 505.50 crore. Bank's total deposit grew by 22.78 per cent and advances by 26.060 per cent.

Highlighting the plans for the 2008-09 Guha said the Bank aims at a growth of 25 per cent in deposits and 30 per cent in advances and also 30 per cent increase in operating profit. He projected the net profit higher than Rs 765 crore and gross NPAs to be less than 0.75% of total advances.