State Bank of Hyderabad net down 24%

Total income grows 9.51% to Rs 3,506.7 crore in quarter under review as compared with Rs 3,202.08 crore in corresponding previous quarter

State Bank of Hyderabad (SBH) reported a 23.76% decrease in net profit to Rs 162.72 crore for the quarter ended September 2013 due to higher interest expenditure. The bank had reported a net profit of Rs 213.43 crore in the corresponding quarter last year.

Total income grew 9.51% to Rs 3,506.7 crore in the quarter under review as compared with Rs 3,202.08 crore in the corresponding previous quarter. Interest expenditure rose 12.38% to Rs 2,350.94 crore from Rs 2,092.02 crore in the year ago period.

The funds earmarked for provisioning and contingencies were, however, lower 11% to Rs 387.95 crore as compared with Rs 435.95 crore, the bank said.