JOIN USState Bank of Hyderabad on Friday inaugurated its new zonal office in Bangalore, which will cover branches in the city and districts like Hassan, Mysore, Mangalore, Shimoga, Bellary and Belgaum.
Speaking at the inauguration, SBH MD, Santanu Mukherjee, said, “In Karnataka the bank has a total business of Rs 8,841 crore of deposit and Rs 7,708 crore of advances. We opened this zonal office to help the bank’s expansion in the city and facilitate better customer service. We also plan to open 12 more branches in Bangalore and surrounding areas in the next 6 to 8 months.” The office is opened in an effort to improve its presence outside the areas of Andhra Pradesh.
When asked about the 22.70 per cent decline in net profit for the quarter ended June 30 to Rs 227.21 crore from Rs 293.92 crore in the corresponding period last year, Mukherjee said, “the decline was due to an unprecedented increase in salary to be paid and adequate provisioning which improved our Provision Coverage Ratio.”