State Bank of Hyderabad Q1 net up 41%

Hyderabad: Public sector lender State Bank of Hyderabad (SBH) reported a net profit of Rs 284 crore for the first quarter ended June 30, up 41.1 per cent over the same period last fiscal.

The Net Interest Income (NII) grew by 15.23 per cent to Rs 713.49 crore during the quarter as compared to Rs 619.17 crore during the first quarter of 2010-11, SBH said in a statement issued here.

Deposits increased to Rs 92,616 crore in the April-June period, clocking a growth of 16.30 per cent over the last year. Advances rose Rs 66,226 crore, up 21.53 per cent.

Per-employee business increased to Rs 11.54 crore from Rs 9.82 crore as on June, 2010, a growth of over 17 per cent, the lender said.

Business per branch grew to Rs 119 crore from Rs 110 crore in the first quarter of FY11.

The SBH's branch network increased to 1,324 with the opening of 130 new ones during the last fiscal year. Another 150 branches are planned for the current financial year together with around 80 in un-banked centres, which will be furthering financial inclusion, the statement said.

Over 4,000 officers and clerical staff are under the process of recruitment to take care not only of current needs but to be groomed for assuming greater responsibilities in the coming years, SBH said.

Source: Financial Express