Bank's net profit rose 18.37 percent over the previous year
Hyderabad, April 28, 2007
The Managing Director of State Bank of Hyderabad Amitabh Guha while announcing the financial results for the financial year 2007 said that the Bank is planning to open 50 more branches in the State.
According to a press release, the net profit of the Bank rose 18.37 percent over the previous year to touch Rs.505.50 crore in 2006-07. The operating profits shot up by 36.15 percent to 103.80 crore and the total business crossed 71,000 crore.
The Bank's deposits an advances grew by 21.99 percent an 33.94 percent respectively. The release said that the gross NPA were brought down to 1.23 percent from 2.13 percent. The release further said that despite intense interest rate competition in the market, net interest margin was a healthy 3.44 percent. The bank gave Rs.11,315.36 crore loans to priority sector and the agricultural lending grew by 34.5 percent, housing loans 23.55 percent and educational loans 55 percent said the release.
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