Indiabulls Financial Services Ltd today announced that its net profit for the financial year ended March 31, 2010 surged 38.90% to Rs 264.16 crore.

The company's net profit during the same period of last fiscal was Rs 190.17 crore.

The company has recorded a decline of 19.85% in its total income, which stood at Rs 1,429.40 crore in FY10 as against Rs 1,783.50 crore in FY09.

The Group has recorded a net profit of Rs 301.29 crore for the fiscal ended March 31, 2010 as against Rs 99.44 crore for the fiscal ended March 31, 2009, a increase of 202.98%.

Total Income has diminished to Rs 1,635.04 crore for FY10 from Rs 2,005.78 crore during FY09, a fall of 18.48%.

The company, which offers up consumer finance, housing finance, commercial loans, life insurance and asset management and advisory services, announced a dividend of Rs 5 per equity share for the financial year ended March 31, 2010.

The company's shares gained 1.91% to trade at Rs 130.95 in the noon trade on the BSE. (With Inputs from Agencies)