Corporation Bank has posted a 21.16 per cent rise in its consolidated net profit at Rs 530.83 crore (Rs 5.31 billion) for the financial year ended March 31, 2004 as against Rs 438.11 crore (Rs 4.38 billion) in the previous financial year.

The board has recommended a final dividend of 30 per cent for the year 2003-04, subject to the Reserve Bank of India's approval, the state-owned bank informed the Bombay Stock Exchange on Saturday.

The consolidated total income for the reporting year grew by 2.91 per cent to Rs 2,813.28 crore (Rs 28.13 billion) as against Rs 2,733.63 crore (Rs 27.34 billion) in 2002-03, it said.

The net profit and total income on a standalone basis for the fourth quarter ended March 31, 2004, stood at Rs 119.49 crore (Rs 1,194.9 million) [Rs 47.28 crore (Rs 472.8 million) in Q4 of 2002-03] and Rs 648.41 crore (Rs 6,484.1 million) [Rs 656.94 crore (Rs 6,569.4 million)], respectively.

The register of members and share transfer books would remain closed from May 11, 2004 to May 14, 2004 for the payment of dividend. The annual general meeting would be held on June 25, 2004.