SBH Q4 net up 75 pc

State Bank of Hyderabad (SBH) posted a net profit of Rs 450.35 crore for the quarter ended March, 2011, registering a growth of 75.14 per cent over a profit of Rs 257.13 crore accrued in the corresponding quarter of the previous year.

Net interest income during the quarter under consideration stood at Rs 801.69 crore while its other income accounted for Rs 329.21 crore. Expenditure on staff in the same period increased 75.33 per cent to Rs 217.80 crore from Rs 124.22 crore. On the other hand, provisions and contingencies declined 10.58 per cent from Rs 395.36 crore to Rs 353.55 crore.

During the year 2010-11, SBH's total business increased 21 per cent to touch Rs 156,935 crore leading to a growth in net profit by 41.76 per cent at Rs 1,166.24 crore. Its net interest income stood at Rs 2,848.5 crore. registering a year-on-year growth rate of 52.88 per cent. Other income accounted for Rs 983.75 crore, a 16.93 per cent rise compared with the previous year.

SBH stated that the increase in profit was primarily due to higher net interest income. The bank's net interest margin during the year improved by 3.51 per cent

Total advances during the year grew 23 per cent to Rs 65,447 crore and total deposits increased 20 per cent to 91,488 crore. It has a capital adequacy ratio of 14.25 per cent.

The bank, which opened 130 branches taking its network to 1,315 during the year, proposes to open another 150 in the current financial year and also increase its footprint in two more states. It intends to recruit over 3,500 staff, officers and clerks during this year.