SBI net crosses $1 billion

‘‘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 pc in 2002-03,’’ Purwar said. The bank’s net profit during the fourth quarter of last fiscal increased by 18.29 pc 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.

The profit would have been much higher had the bank not made higher provisions and contingencies of Rs 4,628.10 crore (Rs 2,507.89 crore last year) of which provisions for non-performing assets was Rs 3,702.75 crore as against Rs 2,592.43 crore last year, he said. Total income during the year increased to Rs 38,072.93 crore from Rs 36,827.28 crore, while total expenditure, excluding provisions, came down to Rs 28,519.47 crore from Rs 29,051.88 crore.