Bank of Baroda on Wednesday reported 20.41% growth in its net profit to Rs 906.28 crore in the fourth quarter of FY10, as against Rs 752.69 crore achieved in the corresponding quarter of the previous fiscal. The bank has declared a dividend of 150% for the year FY10.

The bank?s total income rose to Rs 5,120.7 crore during the period as compared with Rs 4,992.41 crore recorded in the same period a year ago. Interest income grew 5.2% during the period to Rs 4,353.84 crore as against Rs 4138.78 crore.

However, other income of the bank dipped 10.16% to Rs 766.89 crore from Rs 853.63 crore as the bank?s profit on sale of investment fell Rs 200 crore during the period. Net NPA of the bank declined marginally to 0.34% from 0.31%.

BoB chief MD Mallya said, ?Though we have a headroom for raising capital to the tune of Rs 10,000 crore during the current fiscal, we have not taken a call at the moment in that direction. The bank enjoys CAR of 14.36% at present.?

The bank has posted a net profit of Rs 3,058.3 crore, up 37.32%, for the 2009-10 fiscal. BoB?s loan loss coverage ratio stood at 74.9%. While total advances grew 21.3% to Rs 1,08,549 crore, net deposits increased 25.2% to Rs 1,92,397 crore during the year. Mallya hoped that bank?s credit and deposits would likely to grow by 24% during the current fiscal.

Canara Bank FY10 profit rises 46%

Canara Bank has reported 30% dip in its net profit at Rs 503 crore for the quarter ended March 2010, as against Rs 719 crore recorded in the year-ago period. The bank attributed the loss to a drop in trading profit and increase in provisions.

However, profit for the year ended March 2010 rose 45.8% at Rs 3,021 crore as against Rs 2,072 crore last year on the back of a 24.3% growth in total business.

?A total provision of Rs 927 crore was made for the quarter, higher than the year-ago amount of Rs 554 crore. Income from sale of investments during the quarter was to the extent of Rs 114 crore as against Rs 349 crore,? said AC Mahajan, CMD of the Canara Bank.

Operating profit for the year was up 27.7% to Rs 5,061 crore against Rs 3,964 crore, while for the quarter, operating profit was up 12.4% from the year ago quarter, at Rs 1430 crore.

Net interest income for the year saw a 20.4% growth, to Rs 5,681 crore from Rs 4,718 crore, with net advances up 22.5% at Rs 1,69,335 crore.

LIC Housing recommends 150% dividend

LIC Housing Finance has recorded a net profit of Rs 213.51 crore in the quarter ended March 2010, up 36% from Rs 157.56 crore recorded in the corresponding period of the previous fiscal. The company board has recommended a dividend of 150%.

The company plans to mobilise funds to the tune of Rs 20,000 crore in the current fiscal. Fund raising could be through non-convertible debentures (NCDs) or bank term loan or certificate of deposits or through public deposits.

The company plans to launch a venture capital of Rs 500 crore focused on real estate, wherein a seed capital of 10-20% will be funded by the company itself. With this, the company ended the FY 2010, with a net profit of Rs 662.17 crore, up 24.56% over the previous year. The company has seen 61% spurt in its loan disbursements to Rs 5,062 crore during the reporting period. It has also posted a higher net interest margin (NIM) of 11 basis points to 3.30% in the reporting period.