State Bank of Hyderabad posts 284 crore net in Q1, up 41%

State Bank of Hyderabad (SBH) on Saturday Published 41 percent increase in net profit was Rs 283.94 crore in the first quarter ended June 30, 2011 due to an increase in net interest income. The Bank of Rs 201.24 crore loaded into the network during the same period a year ago.

Net interest income grew 15.23 percent to Rs.713.49 crores Rs.619.17 crores during Q1 verrattuna a year ago, the bank said in a statement.

Operating profit rose to Rs.526.94 crore in the period, registering a growth of 8.59 percent from Rs.485.26 crore in Q1 FY 11. Net interest margin (NIM) rose 3.14 percent. The SBH posted 18.42 per cent increase in total business to touch Rs.1, 58.842 million rupees, against Rs.1, 34.126 million rupees a year ago. Deposits increased 16.3 percent to Rs.92, 616 crore to Rs.79, 633 crore.

SBH said its capital adequacy ratio was 12.71 percent in June 2011 and it has room enough head Rs.170 crore in Tier I and Rs.2, 400 crore in Tier II to take care of his plan for future growth.

The Bank plans to open 150 new branches in 4000 and recruited officials and officials of this fiscal.It currently has 1,324 branches.