SBH operating profit impressive
State Bank of Hyderabad (SBH) has made a net profit of Rs. 28 cores in first quarter of the present fiscal (2016-17) after an additional provision of Rs 495 core is made to take care of future requirements of assets under stress.
SBH Board of Directors meeting chaired by Chairman and Managing director Santanu Mukherji was held here on Saturday and released the financial results for the first quarter of 2016-17.
Explaining the results, Mukherji said that operating profit has shown an impressive growth of 27.62 pc to reach a level of Rs. 910 core. However, an additional provision of Rs 495 cores (total Rs. 886 crores)is made to take care of future requirements of assets under stress resulting profit for the quarter has come down to Rs 28 crore, he said.
He also furnished other highlights wherein has said that the total income of the bank has gone up and the expenses ratio and cost has come down. And cost of deposits has declined by 61 bps to 6.42 pc.
Total business of the bank stood at Rs. 2,52,245 crore and advances shoot up by 5.26 pc to 1,12,451 core when compared with last fiscal first quarter. During the period the bank has donated Rs13.34 for various social service activities and as part of Bank’s platinum jubilee celebrations bank has been distributing 15,000 school bags at a cost of Rs. 34.54 lakh, he said.