SBH net up 10.6per cent to Rs 142 cr

State Bank of Hyderabad (SBH), the largest associate bank of the State Bank of India, has posted a 10.6 per cent growth in net profit at Rs 142.39 crore for the quarter ended September 30, 2007, compared with Rs 128.75 crore in the corresponding quarter last year.

The total income in the quarter increased by 32.5 per cent to Rs 1,209.70 crore from Rs 913 crore in the same period last year.

The bank would achieve its targeted business of Rs 1 lakh crore in the current financial year, according to chief general Manager, R P Sinha.

During first six months of the current year, the bank's total business stood at Rs 74,640 crore, registering a year-on-year growth of 16.9 per cent.

The bank shelved its proposed initial public offering as it was already Basel-II compliant and because of the proposed merger of SBI associate banks.

SBH would start a liability centralised processing centre at Hyderabad by December this year. The facility would offer single-point service to all customers.

A customer relationship officer would provide a "welcome kit" consisting of a passbook, cheque book and an ATM card within 10 minutes of opening an account, Sinha said.