State Bank of Hyderabad (SBH) reported an 8.93 per cent rise in net profit to Rs 220.98 crore during the quarter ended December 2009, compared with a profit of Rs 202.86 crore posted during the corresponding quarter last year.
Total income declined marginally to Rs 1,788.39 crore during the period under consideration from Rs 1,795.96 crore. Net interest income, however, increased 12.59 per cent to Rs 497.91 crore from Rs 442.22 crore in the Q3 of 2008-09.
For the nine-month period ending December 2009, the bank’s net profit grew 27.5 per cent to Rs 566 crore from Rs 444 crore in the same period previous year. The bank's business recorded a year-on-year growth of 21 per cent to reach Rs 1,18,622 crore in December 2009 from Rs 98,233 crore in December 2008.
Stating that the performance was good despite challenging times, SBH managing director, Renu Challu, said the bank's thrust on retail credit (MSME, agriculture, housing loans and vehicle loans) paid rich dividends and supported the credit growth at a time when corporate credit offtake was slow.
During the current financial year, she said, SBH had so far recruited 1,600 clerical staff and opened 75 branches. The bank would be opening about 70 branches in the next 40 days besides recruiting 100 MBAs. Next year, it would open 150 branches, recruit 1,200 clerical staff and 660 probationary officers.
Challu said interest rates were unlikely to soften in the near future.
