SBI Q4 net drops 32% to Rs 1,867 cr; declares dividend

The country's largest public sector lender, State Bank of India (SBI), posted 31.92 per cent decline in standalone net profit at Rs 1,867 crore in the March quarter as compared to Rs 2,742.31 crore for the quarter ended March 31, 2009. However, total income of the bank increased 1.8 per cent to Rs 22,474.12 crore for the quarter under review from Rs 22,060.61 crore in the same period last fiscal. Shares of the bank plunged following the result and were trading down 3.38 per cent at Rs 2236 in the afternoon session. Income from interest was Rs 17,965.59 crore from 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 9,166.05 crore as against Rs 9,121.2 crore in the previous fiscal. Its total income rose to Rs 85,962.07 crore compared to Rs 76,479.2 crore in FY 2009.