State Bank of Hyderabad (SBH) today said its net profit grew 34 per cent to Rs 823 crore in the financial year ended March 31, 2010, on the back of higher interest income.
For the January-March quarter 2009-10, the growth in net profit was 49 per cent at Rs 257 against Rs 172 crore in the same period last fiscal, the Managing Director of SBH, Renu Challu, told reporters here late yesterday.
She said increase in profit is primarily on the back of higher interest income, which grew by 27 per cent to Rs 1,963 crore compared to Rs 1,467 crore in 2008-09.
Total business of the bank grew by nearly Rs 20,000 crore to Rs 1,29,530 crore on March 31, 2010, a growth of 18.15 per cent, she said.
Total deposits reached a level of Rs 76,186 crore, recording a Y-o-Y growth of 16.35 per cent over Rs 65,676 crore, even while the bank consciously reduced bulk deposits Challu said.
Advances increased by Rs 9,391 crore to Rs 53,344 crore registering a YOY growth of 21.37 per cent over Rs 43,953 crore as on March 2009 despite the economic stagnation and the slow off-take of corporate credit.
