State Bank of Hyderabad net down 12.3%

The State Bank of Hyderabad (SBH)'s net profit during the quarter ended June 2013 was Rs 293.9 crore, lower by 12.3 per cent compared with Rs 335.2 crore reported in the correspondent quarter the previous year.

The bank's total income, however, expanded by 11.3 per cent to Rs 2,02,714 crore from Rs 1,82,092 crore in the same period.

The bank stated the net profit was lower due to higher loan provisioning. Though the net interest income increased by 5.4 per cent from Rs 963 crore to Rs 1015 crore, net interest margin contracted by 29 bps from 3.58 per cent to 3.29 per cent due to reduction in base rate by 30 bps. SBH's other income during the period under consideration increased by 18.3 per cent from Rs 218 crore to Rs 258 crore.