The Hindu Business Line : SBI rides high: Q4 net profit jumps 75% to Rs 1,493 cr

Strong showing: Mr O.P. Bhatt (third from left), Chairman, State Bank of India, and other senior officials of the bank announcing the results for 2006-07 in Kolkata on Saturday. - A. Roy Chowdhury

Kolkata May 12 Riding on a net profit of Rs 4,541.31 crore, the board of directors of State Bank of India, at a meeting here on Saturday, recommended a dividend of Rs 14 per share (140 per cent) for the year ended March 31, 2007, the same as in 2005-06 when the growth of net profit at Rs 4,406.67 crore was 2.37 per cent.

During the quarter ended March 31, 2007, the bank posted a net profit of Rs 1,493.19 crore (Rs 853.29 crore) and operating profit of Rs 3,968.41 crore (Rs 3,277.17 crore).

The share of non-interest income to operating income rose to 26.44 per cent (21.95 per cent).

The operating expenses during the period grew from Rs 11,725 crore to Rs 11,824 crore, a growth of 0.84 per cent only.

Advances to the housing sector increased by Rs 5,841 crore (year-to-year) or 18.18 per cent and total outstanding of home loans amounted to Rs 37,975 crore, constituting 51.6 per cent of the bank's retail advances.

Mid-corporate group advances (excluding food) grew to Rs 87,462 crore (Rs 64,931 crore) representing a growth of 34.7 per cent. Agricultural advances grew by Rs 8,687 crore (33.02 per cent) Rs 34,993 crore.

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