State Bank of Hyderabad Q4 Net Drops 43% To Rs 253 Crore

State Bank of Hyderabad (SBH) on Sunday said its net profit for the quarter ended March 31 dropped by 43.2 per cent to Rs 253 crore due to higher provisioning for non-performing assets (NPAs).

The public sector lender had registered a net profit of Rs 445.5 crore for the corresponding period a year ago.

Managing director Santanu Mukherjee said that SBH allocated Rs 664.34 crore towards contingencies and provisioning during the January-March quarter as against Rs 431.17 crore in the year-ago period.

"Adequate provisions suggested by RBI (Reserve Bank of India) in respect to stressed accounts identified under early recognition process have been made by the bank. In addition to these, additional provision is also made to take care of future requirements of other assets under stress," Mr Mukherjee said at a press conference.

The bank posted a 19.15 per cent drop in net profit at Rs 1,064.93 crore for the full financial year (2015-16) as against Rs 1,317.13 crore for 2014-15.

Mr Mukherjee said operating profit has shown an impressive growth of 13.01 per cent year-on-year to Rs 3,293 crore as against Rs 2,913.66 crore in 2014-15.
e income from interest was down 5.64 per cent at Rs 3,434.63 crore during the quarter against Rs 3,639.85 crore in the fourth quarter of 2014-15.