State Bank of Hyderabad posts 11% increase in FY09 profit

State Bank of Hyderabad posts 11% increase in FY09 profit
PTI
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First Published: Wed, Apr 29 2009. 03 37 PM IST
Updated: Wed, Apr 29 2009. 03 37 PM IST
Hyderabad: The State Bank of Hyderabad (SBH) has posted an 11% rise in net profit at Rs616 crore for the fiscal year ended 31 March 2009.
The bank’s net profit in 2008-09 increased by 11% to Rs616 crore from Rs557 crore in the previous fiscal, SBH managing director Renu Challu told reporters here on Tuesday night.
The operating profit stood at Rs1,303 crore for 2008-09 against Rs991 crore in the previous fiscal, Challu said.
The MD said the total deposits stood at Rs65,676 crore and advances reached Rs43,953 crore, while the business crossed Rs1,00,000 crore.
However, for the fourth quarter ended March, SBH’s operating profit dipped to Rs308.48 crore, from Rs352.35 crore in the third quarter of the financial year 2009, Challu said.
She said the proposed merger of SBH with the State Bank of India is likely to be initiated after the formation of the new government in the Centre.
About the development plans, Challu said 200 more branches would be opened in the current fiscal.
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First Published: Wed, Apr 29 2009. 03 37 PM IST