The State Bank of India on Friday announced a net profit of Rs 3,681 crore for the financial year 2003-04 to become one of the few groups in the country with a net profit of over dollar one billion (Rs 5531 crore).
Announcing the financial results after a board meeting, SBI Chairman and Managing Director A K Purwar told reporters that net profit of the bank during the fiscal was up by 18.55 per cent over Rs 3,105 crore in the previous fiscal.
"The board has recommended a dividend of 110 per cent, including 10 per cent special dividend to mark the occasion of Group's profit crossing $1 billion mark. The bank had announced a dividend of 85 per cent in 2002-03," Purwar said.
The bank's net profit during the fourth quarter of last fiscal increased by 18.29 per cent to Rs 872.46 crore from Rs 737.55 crore, while operating profit stood at Rs 2,365.32 crore from Rs 2,508 crore last year.