Strategic move by SBH
Hyderabad, July 29, 2006The State Bank of Hyderabad (SBH) while increasing interest rates for all term deposits hiked interest rates only on housing loans. This will come into effective from August 1 and deposits would get 0.50 per cent more per annum depending on the term of the deposit and floating interest rate housing loans cost 0.50 per cent more pa and fixed interest rate housing loans one percent more pa.
The Managing Director of SBH Pradeep Guha said that the rates could go up for a section of its loans. He said that agriculture and SME segments could be excluded from interest hikes.
He said that net profit for Quarter I has increase d by 11 percent to Rs.78.32 crore even after making a Rs.35 core increase in provisions for tax and when most banks are suffering the heat of treasury investment erosion. He said that the NPA has come down to 0.20 per cent.
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