State Bank of Hyderabad net jumps 90% in second quarter

Interest income during the quarter under review increased 4.7% to Rs 3,451 cr from Rs 3,296 cr in the year-ago period

State Bank of Hyderabad has reported a 91 per cent jump in net profit at Rs 311 crore in the second quarter of FY15, on the back of a rise in net interest income and the intensive recovery efforts on the non-performing asset (NPA) front. The bank's net profit in the year-ago period was Rs 163 crore.

Interest income during the quarter under review increased 4.7 per cent to Rs 3,451 crore from Rs 3,296 crore in the year-ago period. However, a near-flat growth in interest expenditure and a marginally lower provisioning has added to the profitability of the bank during this period.

"Intensive NPA recovery efforts taken by the bank have yielded results, and the gross NPAs declined to Rs 5,654 crore in September 2014 from Rs 6,174 crore in June 2014," the bank said in a statement. Total business stood at Rs 2,19,307 crore as at the end of September 2014 consisting of Rs 1,20,664 crore in total deposits and Rs 98,643 crore in total advances with a credit deposit ratio of 83.19 per cent.