State Bank of Hyderabad register 42% increase in net profit

State Bank of Hyderabad has registered an increase of 42 per cent in net profit during the year ending March 31, 2011.

Renu Challu, Managing Director, SBH told mediapersons last evening that the net profit increase was at Rs 1166 crore (42 per cent up) against Rs 823 crores the previous fiscal.

The operating profit grew by 35 per cent to Rs 2319 crore as against Rs 1721 crore for 2009-2010.

She said the increase in profit is primarly on the back of higher net interest income which grew by 53 per cent.

Challu said total business grew by impressive Rs 27,500 crore to touch Rs 1,56,935 crore as on March 31, 2011, a growth of 21 per cent. Total deposits reached a level of Rs 91,488 crore, recording a YoY growth of 20 per cent over Rs 76,186 crore.

Advances also increased by Rs 12,103 crore to Rs 65,447 crore registering a YoY growth of 23 per cent over Rs 53,344 crore as on March 2010, Challu said adding that the CD ratio improved by 154 basis points-from 71.29 per cent as on March 2010 to 72.83 per cent as on March 2011.

Advances grew well diversified across all business segments, clearly signalling a deeper penetration by the bank in the lives of the customers across the board.

Source: Financial Express