SBH profit down 63% in Q3

State Bank of Hyderabad’s net profit decreased 63 per cent to 119 crore in the third quarter ended December 31, 2013 compared with 322 crore in the year-ago period. Net interest income marginally increased to 989 crore (976 crore) while staff expenditure and provisions and contingencies went up considerably. The general economic slowdown combined with the political situation in Andhra Pradesh impacted business and industry, which in turn affected the bank’s asset quality. As a result, gross non-performing assets rose from 3.46 per cent to 5.77 per cent while net NPAs increased from 1.61 per cent to 3.21 per cent during the same period, SBH said in a release.

Source: Thehindubusinessline