SBI gave a record dividend of Rs 6959 crore to the government, money received from the bank

The country's largest public sector bank SBI has given a record dividend to the government. State Bank of India Chairman Dinesh Khara has handed over a cheque of Rs 6959.29 crore to Finance Minister Nirmala Sitharaman. The Finance Minister has given this information on the social media platform 'X'. This dividend is for the financial year 2023-24. Apart from SBI, Bank of Maharashtra has also paid dividend.

SBI has also declared a dividend of Rs. 13.70 to its shareholders. Whereas in the previous financial year 2023, State Bank of India declared a dividend of Rs. 11.30 per share. SBI's consolidated net profit during FY 2024 was Rs. 67,085 crore. Whereas in the previous financial year it was Rs. 55,648 crore.

This amount was paid by Bank of Maharashtra

The public sector bank on Friday paid a dividend of Rs 857 crore. Meanwhile, BOM Managing Director Nidhi Saxena and Executive Director Ashish Pandey met Finance Minister Nirmala Sitharaman and handed over a cheque of Rs 857 crore to her. Bank of Maharashtra has also announced a dividend of Rs 1.40 per equity share for its shareholders for FY 2024.

Government's stake in Bank of Maharashtra

The government holds 86.46 per cent stake in Pune-based Bank BOM. The bank said that the payment of this dividend reflects the impressive financial performance of the bank during the financial year. The net profit of the bank for FY 2024 increased by 55.84 per cent to Rs. 4,055 crore. While its net profit in the previous financial year was Rs 2,602 crore. The bank has reported a 15.94 per cent improvement in total business and a 15.66 per cent growth in deposit collection for FY 2023-24.

Money increased two and a half times in one year!

The bank has constantly demonstrated flexibility and adaptability to the changing market dynamics, which has enabled it to remain at the forefront of service provider and customer satisfaction, the bank said. On Friday, Bank of Maharashtra shares fell 1.55% to Rs. 65.25. The stock has given a return of 43.09% in six months, while it has increased by 135.56% in one year. This means it has increased investors' money by about 2.5 times in one year. While SBI has given 48.23% return to investors in one year.