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SBI's net profit jumps by 46%, declares 290% dividend
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India's largest bank has once again proved its mettle by beating global economic slowdown. Top public sector bank SBI posted 45.62 percent growth in net profit at Rs 2,742.31 crore for the quarter ended on March 31, 2009.
The bank said the increase profit is coming due to higher interest earning and other incomes.
Last year the bank's net profit for the same quarter stood at Rs 1,883.25 crore.
The bank closed fiscal 2008-09 with an impressive 36 percent increase in net profit at Rs 9,121.2 crore, up from Rs 6,729.1 crore in the previous fiscal.
During the last quarter of 2009, interest income of the bank grew by 28 percent to Rs 17,342.39 crore from Rs 13,576.73 crore in the same quarter previous fiscal, said SBI Manging Director S K Bhattacharyya.
Other income increased by 67 percent to 4,718.2 crore during the quarter against Rs 2,817.2 crore in the same period a year ago. In the same time the total income rose by 34.57 percent to Rs 22,060.61 crore from Rs 16,393.93 crore in the corresponding period a year ago.
The bank has declared a dividend of 290 percent at the rate of Rs 29 per share for the financial year 2008-09.
For fiscal 2008-09, the total income of SBI rose to Rs 76,479.2 crore against Rs 57,645.2 crore a year ago, up by 33 percent.
Interest income stood at Rs 63,788.43 crore, up 30 percent from Rs 48,950.31 crore in the previous fiscal.
The bank's other income surged to Rs 12,691 crore against Rs 8,695 crore registering an increase of 45 percent.
Deposits grew 38.08 percent in FY 2009 and the bank's advances grew by 29.8 percent against the industry average of about 17 percent.
However, due to high cost of deposits, the Net interest Margin for FY 2009 fell to 2.93 percent against 3.07 percent recorded last fiscal.
NPAs have declined to 1.76 percent against 1.78 percent. The capital adequacy ratio of SBI stood at 14.25 percent at the end of March 2009, against the regulatory requirement of 9 percent.
On the consolidated basis, the SBI group posted a 22 percent increase in net profit after minority interest at Rs 10,955.2 crore for the year ended on 31st March 2009 compared to Rs 8,960.6 crore a year ago.
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