The country's largest lender State Bank of India on Friday reported a 32 per cent decline in fourth quarter net profit at Rs18.67 billion (Rs 1,866.60 crore).
The bank had a net profit of Rs 27.42 billion (Rs 2,742 crore) in the same quarter in the previous fiscal, SBI said in a filing to the Bombay Stock Exchange.
Shares of the company plunged following the result and were trading down 3.38 per cent at Rs 2,236 in the afternoon session.
The total income during the quarter rose 1.8 per cent to Rs 224.74 billion (Rs 22,474.12 crore) from Rs 220.60 billion (Rs 22,060.61 crore) in the corresponding period a year ago.
Income from interest was Rs 179.66 billion (Rs 17,965.59 crore) from Rs 173.42 billion (Rs 17,342.39 crore) in the same quarter a year ago.
The bank has declared a dividend of 300 per cent at the rate of Rs 30 per share of face value of Rs 10 for the financial year 2009-10. This includes 100 per cent (Rs 10 per share) interim dividend paid earlier.
On an annual basis, the net profit of the bank rose by meagre 0.4 per cent at Rs 91.66 billion (Rs 9,166.05 crore) against Rs 91.21 billion (Rs 9,121.2 crore) in the previous fiscal.
Its total income rose to Rs 859.62 billion (Rs 85,962.07 crore) compared to Rs 764.79 billion (Rs 76,479.2 crore) in FY 2009.
During the year, earnings from interest stood at Rs 709.94 billion (Rs 70,993.92 crore), up 11.2 per cent, from Rs 637.88 billion (Rs 63,788.43 crore) in the previous fiscal.
Profit for the Group on a consolidated basis rose 7.5 per cent to Rs 120.14 billion (Rs 12,013.64 crore) for the year ended March 31, 2010 compared to Rs 111.73 billion (Rs 11173.06 crore) a year ago. During the year total income increased to Rs 13338.51 billion (Rs 1,33,851.83 crore) against Rs 1130.93 billion (Rs 1,13,093 crore) for the year ended March 31, 2009.
