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SBH Q3 net zooms 181% at Rs.334 cr
Riding on higher interest income and lower provisioning needs, State Bank of Hyderabad (SBH) reported a robust jump of 181 per cent in its net profit at Rs 334 crore for the third quarter ended on December 31, 2014.
Higher interest income, lower provisioning helped the bank to post robust growth in profit
Hyderabad: Riding on higher interest income and lower provisioning needs, State Bank of Hyderabad (SBH) reported a robust jump of 181 per cent in its net profit at Rs 334 crore for the third quarter ended on December 31, 2014. The bank reported Rs 119 crore net in the same quarter a year ago.
The bank’s net interest income during the three-month period went up 10 per cent to Rs 1,086 crore from Rs 989 crore in the same quarter a year ago. The net interest margin, the key indicator for a bank’s profitability, increased to 3.26 per cent in the October- December period from 3.04 per cent a year ago.
“Intensive NPA recovery efforts taken by the bank have good yielded results, and the GNPAs declined from Rs 5,589 cr in December 2013 quarter to Rs 5,393 cr in December 2014,” said Santanu Mukherjee, Managing Director, SBH.
As result, GNPA (gross non-performing asset) ratio declined from 5.77 per cent to 5.32 per cent, and net NPA ratio dropped from 3.21 per cent to 2.43 per cent during the third quarter. It made lower provisions during period and the provision coverage ratio (PCR) improved from 53.50 per cent a year ago to 61.90 per cent.
The bank's total business stood at Rs 2,22,089 crore at end of December 2014. It comprised Rs 1,20,681 crore in deposits and total advances of Rs 1,01,408 crore. The credit deposit ratio was 84.03 per cent as on December 2014, up from 79.13 per cent in December 2013. During the three month period under the review, the SBI, an associate of State Bank of India, opened 81 branches during the April- December period of the current fiscal, taking the total to 1,775, including 719 in Telangana and 391 in Andhra Pradesh. Of the new branches, 19 were in unbanked rural centres.
