Financial Daily from THE HINDU group of publications
Saturday, May 29, 2004
Financial Daily from THE HINDU group of publications Saturday, May 29, 2004 |
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Financial Performance Corporate Results - Public Sector Banks Money & Banking - Financial Performance SBI net rises 18.55 pc, to pay 110 pc dividend Our Bureau
Kolkata , May 28 RIDING high on the back of 18.55 per cent growth in net profit at Rs 3,681 crore in 2003-04 (Rs 3,105 crore in 2002-03), the board of directors of State Bank of India at a meeting here on Friday recommended 110 per cent dividend (Rs 11 per share) for the year, inclusive of 10 per cent special dividend for the SBI Group as a whole for having crossed the net profit of $1-billion mark. In 2002-03, when the bank posted more than 20 per cent growth in net profit, 85 per cent dividend was declared. The operating profit of the bank during the year under review amounted to Rs 9,553.46 crore (Rs 7,775.40 crore), recording a growth of 22.87 per cent. The growth in operating profit (excluding treasury profits) was six per cent while the growth in treasury profits was about 36 per cent. The growth in profit is attributed to increase in both net interest income as well as profit on sale of investments. The net interest income at Rs 11,186.32 crore (Rs 9,977.54 crore) showed a growth of 12.12 per cent. While the profits on the sale of investments amounted to Rs 3,073.46 crore (Rs 1,694.6 crore). During the fourth quarter of 2003-04, the bank's operating profit at Rs 2,365 crore (Rs 2,508 crore) showed a drop of 5.69 per cent while the net profit at Rs 872.46 crore (Rs 737.55 crore) grew by more than 18 per cent. Mr A.K. Purwar, Chairman of SBI, while analysing the bank's performance, attributed the drop in operating profit to huge depreciation due to the large-scale computerisation of operations.
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