SBH PROFIT RISES 13% IN Q2 ON HIGHER INTEREST INCOME

State Bank of Hyderabad has posted a net profit of Rs 264.48 crore in the second quarter ended September 30, against Rs 234.36 crore in the same quarter last year, registering a growth of 12.85 per cent.

The net interest income (NII) went up by 77.19 per cent at Rs 687 crore in the quarter against Rs 388 crore in the same quarter last year.

For the first half ended September 30, the bank posted a net profit of Rs 465.72 crore, showing a growth of 35.15 per cent over Rs 344.60 crore in the comparable period last year.

While the housing loan portfolio grew by Rs 637 crore to reach Rs 5,370 crore, educational loans went up by Rs 87 crore, taking the total exposure to Rs 1,118 crore. Exposure to microfinance institutes was low at Rs 60.52 crore. The net non-performing assets stood at 0.64 per cent at the end of September 30, 2010.

Financial inclusion

The bank would begin financial inclusion programme, covering about 42 lakh people in 1,068 villages in Maharashtra, Gujarat, Karnataka and Andhra Pradesh. In the first phase, the bank will cover 10.44 lakh people in five districts by March 31, 2011. The second phase would cover the remaining 30 lakh people in 33 districts in the following financial year.

The bank tied up with TCS, HCL, and Coromandel Infotech for technology to implement the programme.

The bank would also launch gold coin sale this month ahead of the Diwali season.

The bank, which recently appointed about 1,000 probationary officers, would conduct a test in January 2011 to recruit 2,195 clerks as it increased number of branches to 1,400 from the present 1,236 by the year end.

SOURCE: http://www.thehindubusinessline.com/2010/10/20/stories/2010102051940600.htm