State Bank of Hyderabad net up 31%

The State Bank of Hyderabad (SBH) has posted a 11% rise in net profit at Rs 616 crore for the financial year ended March 31, 2009.      

The bank's net profit in 2008-09 increased by 11% to Rs 616 crore from Rs 557 crore in the previous fiscal, SBH Managing Director Renu Challu told reporters here last night.      

The operating profit stood at Rs 1,303 crore for 2008-09 against Rs 991 crore in the previous fiscal, Challu said.      

The MD said the total deposits stood at Rs 65,676 crore and advances reached Rs 43,953 crore, while the business crossed Rs 1,00,000 crore.      

However, for the fourth quarter ended March, SBH's operating profit dipped to Rs 308.48 crore, from Rs 352.35 crore in the third quarter of the financial year 2009, Challu said.      

She said the proposed merger of SBH with the the State Bank of India is likely to be initiated after the formation of the new government in the Centre.      

About the development plans, Challu said 200 more branches would be opened in the current fiscal.