High income tax payments and flat fee income had undermined net profits, analysts said.
The group’s income tax for the year 2006 had doubled to 756.7 million rupees.
Meanwhile, the bank's gross assets climbed 12.3 percent to 141 billion rupees.
Its deposits rose 16.5 percent to 101.1 billion rupees while advances grew 15.4 percent to 89.6 billion.
The bank has net assets of 6.3 billion rupees (group 9 billion) and its earnings per share for 2006 was 6.4 rupees. The share closed flat at 38 rupees on Tuesday.