SBH net profit up 81% to Rs 129 crore

State Bank of Hyderabad (SBH) posted 81.02 per cent rise in net profit at Rs 128.76 crore for the quarter ended September 2006 against Rs 71.14 crore recorded during the corresponding period of the previous financial year.

Operating profit during the period stood at Rs 224.55 crore against Rs 173.53 crore in the same period last year. Earnings per share of Rs 100 each was Rs 2,968 crore.

The business growth in Q2 of the current financial year at Rs 6,024.29 crore was 123 per cent higher than the growth of Rs 2,700.85 per cent in Q2 of 2005-06.

According to managing director, Amitabha Guha, the business growth had more than doubled owing to improvement in the quality of service, delivery of credit and competitive pricing.

During the first six months of the current financial year, the bank's total business crossed Rs 63,850 crore, registering a year-on-year growth of Rs 12,777 crore (25.02 per cent). Net interest income during the period increased by 17.88 per cent to touch Rs 620.97 crore against Rs 526.78 crore in the year-ago period.

The bank had shored up its capital by mobilising Rs 550 crore of subordinated debt (Tier II) during the last week of September 2006.