State Bank Of India

The Country's premier lender -- State Bank of India (SBI) -- has reported results for the quarter and the year ended March 31, 2011.

The bank ‘s net profit for the quarter ended March 31, 2011 has plunged by 98.88% at Rs 20.88 crore whereas the same was at Rs 1866.60 crore for the quarter ended March 31, 2010. Its total income for the quarter under review has increased by 18.07% at Rs 26536.84 crore whereas the same was at Rs 22474.12 crore for the March quarter of the previous Fiscal.

For the year ended March 31, 2011, the bank’s net profit has dropped by 9.84% at 8264.52 crore whereas the same was at Rs 9166.05 crore for the year ended March 31, 2010. Its total income rose by 13.09% at Rs 97218.96 crore for the year where as the same was at Rs 85962.07 crore in the previous year.

On consolidated basis, the group’s net profit after minority interest for the year ended March 31, 2011 has declined by 8.94% at Rs 10684.95 crore whereas the same was at Rs 11733.83 crore for the year ended March 31, 2010. Its total income have increased by 10.45% at Rs 147843.92 crore for the year under review whereas the same was at Rs 133851.83 crore for a period ago.

The bank has informed that the results for the quarter and year ended March 31, 2011 include the results of operations of the erstwhile State Bank of Indore for the period from August 26, 2010 and the results of the bank are not comparable to that extent. Consequent to the notification of the 'Acquisition of State Bank of Indore Order, 2010' issued by the Govt. of India, the undertaking of State Bank of Indore stands transferred to and vests in State Bank of India ('the Bank'), with effect from August 26, 2010, the effective date.

State Bank of India’s board of directors at its meeting held on May 17, 2011, has recommended a dividend of 300% (Rs 30 per share) for the year ended March 31, 2011. Further, the bank has fixed June 13, 2011 as the date of payment of the dividend of Rs 30 per share