SBI pays Rs 6,959 crore dividend to govt, BoM gives Rs 857 crore for FY24

The country's biggest lender State Bank of India (SBI) on Friday paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government.

The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.

"Smt @nsitharaman receives a dividend cheque 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 X.

SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs 11.30 per equity distributed for the previous year.

 

During 2023-24, the bank earned a record consolidated net profit of Rs 67,085 crore against Rs 55,648 crore in the preceding year.

Bank of Maharashtra dividend

State-owned Bank of Maharashtra (BoM) on Friday presented Rs 857 crore dividend cheque to Finance Minister Nirmala Sitharaman.

The cheque was handed over by BoM managing director Nidhu Saxena and executive director Asheesh Pandey in the presence of Financial Services Secretary Vivek Joshi.

The bank declared a dividend of Rs 1.40 per equity share (14 per cent) for FY24, BoM said in a statement.

The Government of India holds an 86.46 per cent stake in the Pune-based bank.

This dividend payment reflects the bank's impressive financial performance during the fiscal year, it said.

The bank's net profit increased by 55.84 per cent to Rs 4,055 crore in FY24, compared to Rs 2,602 crore in the previous fiscal year.

The bank has recorded a 15.94 per cent improvement in total business and a 15.66 rise in deposit mobilisation for the 2023-24.

BoM has consistently shown resilience and adaptability to changing market dynamics, enabling it to remain at the forefront in terms of service delivery and customer satisfaction, it added.