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In a substantial financial gesture, the State Bank of India (SBI) paid the Indian government a dividend of Rs 6,959 crore for the fiscal year 2023-24. This is an increase from last year's dividend of Rs 11.30 per share to Rs 13.70 per share. SBI Chairman Dinesh Kumar Khara gave the dividend check to Finance Minister Nirmala Sitharaman in the presence of Financial Services Secretary Vivek Joshi. SBI posted a record consolidated net profit of Rs 67,085 crore for the year, up from Rs 55,648 crore the year before.
Dividend Presentation
SBI Chairman Dinesh Kumar Khara handed over the dividend cheque to Finance Minister Nirmala Sitharaman, who was accompanied by Financial Services Secretary Vivek Joshi. The Finance Ministry confirmed receipt with a post on X. Financial Performance.
SBI's issuance of a Rs 13.70 per share dividend for FY 2023-24 highlights the company's strong financial position. The bank reported a consolidated net profit of Rs 67,085 crore, up from Rs 55,648 crore in the previous fiscal year.
Bank Of Maharashtra's (BoM) Dividend
Similarly, the Bank of Maharashtra (BoM) handed out a dividend cheque worth Rs 857 crore to Finance Minister Nirmala Sitharaman. Managing director Nidhu Saxena and executive director Asheesh Pandey of the Bank of Maharashtra attended the presentation, as did Financial Services Secretary Vivek Joshi.
Dividends And Stake
BoM declared a dividend of Rs 1.40 per equity share (14%) for fiscal year 2023-24. The Government of India owns 86.46% of BoM.
Financial Highlights
BoM's net profit increased by 55.84% to Rs 4,055 crore in FY 2023-24, from Rs 2,602 crore the previous year. The bank also saw a 15.94% increase in overall business and a 15.66% increase in deposit mobilisation, demonstrating its resilience and adaptation to market changes.
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