This dividend payment reflects the bank’s impressive financial performance during the financial year, the report said. (Photo: Reuters)
The country’s largest lender State Bank of India (SBI) on Friday declared a dividend of Rs 6,959 crore for the financial year 2023-2024 to the government.
The dividend check was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Minister Vivek Joshi.
“Smt @nsitharaman to receive dividend check of Rs 6,959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara,” the Finance Ministry said in a post on
SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per share distributed in the previous year.
During 2023-2024, the bank achieved a record consolidated net profit of Rs 67,085 crore, against Rs 55,648 crore in the previous year.
Dividend from Bank of Maharashtra
The State Bank of Maharashtra (BoM) on Friday handed over a dividend check of Rs 857 crore to Finance Minister Nirmala Sitharaman.
The check was presented by BoM Director Nidhu Saxena and Executive Director Asheesh Pandey in the presence of Financial Services Minister Vivek Joshi.
The bank has declared a dividend of Rs 1.40 per share (14 percent) for FY24, BoM said in a statement.
The government of India has an 86.46 percent stake in the Pune-based bank.
This dividend payment reflects the bank’s impressive financial performance during the financial year, the report said.
The bank’s net profit rose 55.84 per cent to Rs 4,055 crore in FY24, compared to Rs 2,602 crore in the previous fiscal.
The bank has registered a 15.94 percent improvement in total revenue and a 15.66 percent increase in deposit mobilization for the period 2023-2024.
BoM has consistently demonstrated resilience and adaptability to changing market dynamics, allowing the company to remain at the forefront of service delivery and customer satisfaction, it added.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: June 21, 2024 | 10:46 PM IST