The State Bank of Hyderabad’s (SBH) net profit more than doubled to ₹334 crore in the third quarter ended December 31, 2014, compared with ₹119 crore in the corresponding quarter of the previous year.
This was driven by a 9.81 per cent growth in net interest income at ₹1,086 crore (₹989 crore), strong growth in other income, and a decrease in provisions and contingencies.
“Intensive non-performing assets (NPAs) recovery efforts taken by the bank yielded results and the gross NPA ratio declined from 5.77 per cent to 5.32 per cent,” the bank’s Managing Director Santanu Mukherjee told newspersons here on Tuesday.
Net interest margin increased from 3.04 per cent to 3.26 per cent during the quarter. On the business front, there was 16 per cent rise in personal loans. The total business of the bank stood at ₹2,22,089 crore.
During the quarter, SBH opened 81 branches, of which 19 were in unbanked rural areas. The bank has a total of 1,775 branches.