SBI Q4 profit surges to Rs 4,050.27 cr

New Delhi: Country`s largest lender State Bank of India (SBI) today posted net profit of Rs 4,050.27 crore in the fourth quarter ended March 2012, against just Rs 20.88 crore recorded in Q4 of the previous fiscal.

SBI profits had taken a big hit in Q4 of 2010-11 on account of higher provisioning for bad loans and increased tax outgo. Total income of the bank rose to Rs 33,959.54 crore in the quarter against Rs 26,536.84 crore in the same quarter a year ago, SBI said in a filing on the BSE.

The SBI Board has proposed a dividend of 350 per cent or Rs 35 per share on the face value of Rs 10 for 2011-12.

For the entire fiscal ended March 2012, the net profit of the bank rose by 41.6 per cent at Rs 11,707.29 crore as compared to Rs 8264.52 crore an year ago. Total income of the bank during the year rose Rs 1,20,872.90 crore against Rs 97,218.96 crore in the previous fiscal.

Shares of the bank was trading at Rs 1,913 a piece, up 3.6 per cent in the afternoon session on the BSE. On consolidated basis, profit of SBI Group also rose by 44 per cent to Rs 15,343.1 crore for the year ended March 31, 2012 compared to Rs 10,684.95 crore a year ago.

During the year, total income of the group increased to Rs 1,77,032.82 crore against Rs 1,47,843.92 crore for the year ended March 31, 2011.