SBH Q3 net up 181% at Rs 334 crore

Intensive NPA recovery efforts result in gross NPA declining to Rs 5,393 crore

State Bank of Hyderabad (SBH) reported over two-fold increase in net profit at Rs 334 crore for the quarter ended December, 2014, on higher interest income and lower provisioning requirements. Net profit for the corresponding previous quarter stood at Rs 119 crore.

The bank said intensive NPA recovery efforts yielded results leading to a decline in NPAs to Rs 5,393 crore in December 2014 from Rs 5,589 crore in the same month previous year.

Operating income for the quarter rose 22.83 per cent to Rs 1,442 crore from Rs 1,174 crore in the same period last year. Net interest income increased 10 per cent from Rs 989 crore to Rs 1,086 crore and net interest margin (NIM) stood at 3.26 per cent as compared with 3.04 per cent in the same period previous year, according to a bank release here on Tuesday.

The bank’s total business stood at Rs 222,089 crore as at end of December 2014, with deposits comprising Rs 120,681 crore and advances Rs 101,408 crore.