State Bank of Hyderabad has posted a 42 per cent growth in net profit for the year ended March 31, 2011, at Rs.1,166.24 crore against Rs.822.71 in the previous fiscal. For the last quarter of the fiscal, the growth in net profit was a steep 75.14 per cent as compared to the fourth quarter of 2009-10.
Announcing this at a press conference on Friday, SBH Managing Director Renu Challu said the increase in profit was primarily because of a higher net interest income that grew at 53 per cent year-on-year to Rs.2,849 crore from Rs.1,863 crore and because of other income that grew at 17 per cent.
Total business recorded a 21 per cent growth year-on-year at Rs.1,56,935 crore. It plans to open 150 more branches in 2011-12 and add over 3,500 personnel.
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