SBH plans 200 new branches by March 2011

Eyes Rs. 1.30 lakh crore business in current FY 2009-10

State Bank of Hyderabad (SBH), an associate bank of State Bank of India, is planning to open around 200 new branches across the country, including 50 in Maharashtra, by the next FY 2010-11.

The bank has set the business turnover target of Rs. 1.30 lakh crore for the current FY 2009-10.

“As part of our expansion plans, we are planning to open around 200 new branches in select cities across the country by the next FY 2010-11. Out of them, around 50 branches will be opened in Maharashtra. Our list of proposed 200 branches is already ready and we are soon applying to RBI,” Renu Challu, Managing Director, SBH, told Business Standard.

“We are growing at 23 per cent every year. The bank has achieved the business of Rs. 1,18,622 crores in the first nine months (by Dec 09) of the current FY 2009-10, against Rs. 98,233 crore during the same corresponding period previous year. We are expecting the business of Rs. 1.30 lakh crore by the end of the current FY 2009-10 and eyeing 22 per cent growth in the next FY 2010-11,” Challu added.

The bank’s loan book in the first nine months of current FY 2009-10 was well diversified comprising of Rs. 23,015 crore to corporate, Rs. 7,744 crores to MSME, advances to individuals at Rs. 9,959 crore and to agriculture Rs. 8,346 crore. The bank issued 1,52,659 Kisan Credit Cards and financed 36,515 self-help groups, during the same period.