Public sector State Bank of Hyderabad (SBH) today said its net profit jumped more than two-fold to Rs 334 crore for the third quarter ended December 31, 2014, from Rs 119 crore in the same quarter of 2013-14.
Net interest income increased by 10 per cent to Rs 1,086 crore from Rs 989 crore in the same quarter of last year, SBH said in statement here.
Net interest margin, an important barometer of profitability, increased to 3.26 per cent in the October- December period from 3.04 per cent in the same period of last fiscal.
"The bank's total business stood at Rs 2,22,089 crore at end of December 2014 - consisting of Rs 1,20,681 crore in deposits and total advances of Rs 1,01,408 crore. The credit deposit ratio was 84.03 per cent as on December 2014, up from 79.13 per cent in December 2013," the statement said.
The SBI associate opened 81 branches during the April- December period of the current fiscal, taking the total to 1,775, including 719 in Telangana and 391 in Andhra Pradesh. Of the new branches, 19 were in unbanked rural centres.
Intensive non-performing assets recovery efforts taken by the bank have yielded results, and the gross NPAs declined to Rs 5,393 crore in December 2014 from Rs 5,589 crore in December 2013.
Net NPA ratio dropped to 2.43 per cent during the quarter under review as against 3.21 per cent during the same quarter in FY14, it added.
