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| SBH net soars 42% to Rs 1,166 cr |
| Press Trust of India / Hyderabad Apr 30, 2011, 14:26 IST |
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State Bank of Hyderabad has registered an increase of 42% in net profits during the year ending March 31, 2011.
The bank registered a net profit of Rs 1,166 crore (42% up) against Rs 823 crore in the previous fiscal, SBH Managing Director Renu Challu told reporters here.
The operating profit grew by 35% to Rs 2,319 crore as against Rs 1,721 crore for FY2010.
The increase in profit is primarily on the back of higher net interest income, which grew by 53%, she said.
Challu said total business grew by Rs 27,500 crore, or 21% to touch Rs 1,56,935 crore as on March 31, 2011.
Total deposits reached Rs 91,488 crore, recording a y-o-y growth of 20% over Rs 76,186 crore in the preview year.
Advances also increased by Rs 12,103 crore to Rs 65,447 crore, registering a y-o-y growth of 23%, over Rs 53,344 crore as on 31st March 2010, Challu said, adding that the CD ratio improved by 154 basis points, from 71.29% in March 2010, to 72.83% in March 2011.
She added, advances grew across all business segments, clearly signalling a deeper penetration by the bank in the lives of the customers across the board.
Housing loans registered a growth of Rs 1,396 crore in FY11 vis-a-vis Rs 1,247 crore in FY10, while vehicle loans registered a growth of Rs 329 crore.
"We continued our support to students with education loans accounting for Rs 1,125 crore. Total advances to personal segment borrowers constitute approximately 20% of the bank loan portfolio," the MD added.
She added, "Advances to agriculture sector registered a good growth of 24.41% enabling us to comfortably achieve the Government's benchmark of 18% as early as September 2010, making us the first Associate Bank to achieve this and reach a figure of 18.77% by March 2011."
"Priority sector advances constitutes 44.41% of ANBC at Rs 23,639 crore against the 40% fixed by the Government. Our advances to weaker sections stood at 13.44% (Rs 7,173 crore) as against the Government's target of 10%," she said.
"We are taking banking business to 1,102 under banked villages with population exceeding 2,000 for Financial Inclusion to be completed by 2012. The bank has covered 309 villages against a target of covering 300 villages upto March 2011, and issued 3.50 lakh smart cards," she informed.
When asked about the merger of the bank with State Bank of India, Challu said, "I am not in the picture and won't comment on it. Nothing is in my hand," she said.
On bank's involvement in micro-finance, she said, "we have an exposure of over Rs 40 crores which is a very small amount as compared to bank advances."
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