SBBJ posted a 82.02%growth in net profit for the Q4 ending March,2011

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SBBJ posted a 82.02%growth in net profit
India"s leading public sector bank under state bank of india , State bank of Bikaner and jaipur (SBBJ) announced its financial results for the quarter and the year ended March 31, 2011 on Thursday (i.e. on April 28, 2011).

For the Quarter ended March 31, 2011....

The net profit for the bank rose drastically 82.02% to Rs 187.76 crore for the fourth quarter, FY"11 compared to Rs 103.14crore in the fourth quarter of FY"10. The net interest income increased by 22.29% to Rs 1329.97crore compared to the corresponding quarter.

The other income increased by 64.44% to Rs 238.41 crore against Rs 144.98 crore in the corresponding quarter. Similarly, the operating expenses went up by 26.91% to Rs 1193.99 crore compared to last fiscal.

The provision made by bank declined by 30.87% to Rs. 94.03crore. The capital adequacy ratio declined marginally by 18 basis points to 11.68% against 11.86% in the same period last fiscal. The tax burden on the bank rose by 80.19% to Rs92.60 crore against Rs 51.39 crore in the corresponding quarter.

Segment wise Q4 result

Treasury segment showed 14.03% rise in revenue to Rs.266crore while retail banking earned maximum revenue for the bank at Rs.905.58 revenue for the Q4 ending March,2011 and corporate banking recorded its revenue at 18.52% increase Rs.686.11crore.

For the year ended March 31, 2011...

Bank of Baroda posted an increase of 21.03% in net profit which stood at Rs 550.88 crore for the year ended March, 2011. The net figure for the same period last fiscal was Rs 445.16 crore.

The operating income grew by 20.59% to Rs 4796.48 crore against Rs 3977.22 crore in the last fiscal. On the other hand, the operating expenses went up by 45.56% to Rs 1296.17 crore compared to Rs 890.47 crore in the last fiscal. Due to a major increment in employees expenses the profit volume was not very high.

The bank has made higher provisions which increased to Rs 315.85 crore compared to Rs214.23 crore in the last fiscal. The net non-performing loan asset coverage ratio was 2.00% as on March 31, 2011.

Segment wise yearly result

Looking from segmented revenue for the year ending March 2011, treasury stood at Rs. 1050.42crore a rise of 10.96 % from Rs. 946.59crore while corporate banking registered at Rs.2320.37crores and Retail banking at Rs.3101.18 crores showing an increase of 25.32% and 4.41% respectively compared to last fiscal.

Balance sheet as on 31March,2011

Looking at the balance sheet of the bank its Cash & bank balance stood at RBI Rs. 5376.84crores against Rs.3696.94 last fiscal showing a growth of 45.44%.Advances under asset is major part of balance sheet is at 41206.65crores.

Deposits received by bank this year increased by16.92% to Rs.53852.33crores against Rs.46058.84crores while borrowing stood at Rs,3013.91 crores.

The Bank has received the balance amount of claim from the Govt of India for Rs. 141.81 crores (prev. year Rs. 260.49 crore) towards debt waiver during the year. Further, a sum of Rs. 238.80 crores has received from Govt. of India in respect of farmers covered under Debt Relief, under the aforesaid scheme during the year.

A amount Rs. 37.24 crore receivable from the Govt of India under the aforesaid scheme towards Debt Waiver & Debt Relief has been included in the total amount of advances of the Balance Sheet.

A sum of Rs 22.77 crore towards Interest receivable from the Govt of India in respect of balance amount of claims towards debt waiver for the period December 16, 2008 to January 31, 2011 has been recognized as Income during the year by the bank.

During the year, the bank reopened the pension option for such of its employees who had not opted for the pension scheme earlier. As a result of the exercise of which the bank has incurred a liability of Rs. 234.45 crores.

Further, during the year, the limit of gratuity payable to the employees of the banks was also enhanced pursuant to the amendment to the Payment of Gratuity Act, 1972. As a result the gratuity liability of the Bank has increased by Rs. 150.00 crores.

The Board of Directors has proposed to declare a final dividend of 164% (including interim dividend of 72% i.e. Rs. 7.20 per share already paid by the Bank during the year) i.e Rs. 16.40 per share (face value of share Rs. 10 per share) for the year ended March 31, 2011 (144% in the previous year i.e. Rs. 14.40 per share) and dividend @ 9.20 per share on 2.00 crores new shares issued under "Rights Offered". 

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