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State Bank of Hyderabad’s net profit declined 12.3 per cent at Rs 294 crore in the first quarter ended June 30, 2013, compared with Rs 335 crore in the year-ago period due to high provisioning for loans.
According to a release, the bank’s total business grew by 11.3 per cent to Rs 2,027,14 crore (1,82,092 crore).
The net interest income increased by 5.44 per cent. Net interest margin, however, declined from 3.58 per cent to 3.29 per cent due to reduction in base rate by 30 basis points (bps).
Despite higher provisioning, net non-performing assets increased from 1.28 per cent to 2.27 per cent, the release said.
During the quarter, 91 new branches were opened taking the total number of branches to 1572. In addition, SBH plans to open 130 new branches in the current financial year.
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