State Bank of Hyderabad (SBH) is likely to expand its branch network in the state of Orissa. The bank targets to open four new branches in the state in 2009-10.
Managing Director of SBH, Renu Challu said: "We have already applied to the Reserve Bank of India (RBI) for setting up our new branches in Orissa and these branches will come up in the next fiscal."
The bank plans to raise its Orissa branch network from 6 to 10. The 6 present branches of the bank are located in Bhubaneswar, Cuttack and Berhampur.
Besides, SBH is also planning to increase its network across the country. It aims to open 200 new branches by the end of 2009-10 and a target of 50 is supposed to be achieved by this fiscal only.
Commenting on the credit growth, the director said, "SBH is expecting a credit growth of about 25 percent in the next two quarters of 2008-09. The bank will extend its credit to firms in sectors like power, cement, fertilizers and real estate. However, we will be selective in extending real estate loans and only those real estate developers with a proven track record and good net worth will be considered."
Recently SBH has also started with the Smart Salary Account solution facility through which corporates can avail features like pre approved credit facility along with car and personal loans.
For the quarter ending September 2008, SBH has clocked a 29.8% rise in net profit at Rs 184.84 crore against Rs 142.39 crore during the same period a year ago.
State Bank of Hyderabad is one of the associate banks of State Bank of India (SBI) and was established on August 8th, 1941.