Home Banking SBI pays a dividend of Rs 6,959 crore to the government.

SBI pays a dividend of Rs 6,959 crore to the government.

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SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, an increase from the Rs 11.30 per share distributed the previous year. In 2023-24, the bank achieved a record consolidated net profit of Rs 67,085 crore, up from Rs 55,648 crore in the prior year.

New Delhi: On Friday, the country’s largest lender, State Bank of India (SBI), paid a dividend of Rs 6,959 crore to the government for the financial year 2023-24. SBI Chairman Dinesh Kumar Khara presented the dividend cheque to Finance Minister Nirmala Sitharaman in the presence of the Financial Services Secretary.

SBI
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“Smt @nsitharaman received a dividend cheque of Rs 6,959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara,” the finance ministry announced in a post on X.

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

In 2023-24, the bank achieved a record consolidated net profit of Rs 67,085 crore, compared to Rs 55,648 crore in the previous year.

Finance Minister Nirmala Sitharaman received a dividend cheque of ₹6,959.29 crore for FY 2023-24 from SBI Chairman Dinesh Kumar Khara, the finance minister’s office announced on Friday.

The official handle @nsitharamanoffc posted on X, “Smt @nsitharaman receives a dividend cheque of ₹6,959.29 crore for FY 2023-24 from @TheOfficialSBI Chairman Shri Dinesh Kumar Khara.”

The post highlighted that in the previous fiscal year, the State Bank of India paid its highest-ever dividend of ₹5,740 crore to the Government of India.

A February report in Mint indicated that the central government might seek increased dividends from public sector banks this fiscal year due to their strong performance.

An ICRA report revised the banking sector’s outlook from positive to stable, citing expectations of moderate credit growth and stable profitability metrics.

The Reserve Bank of India (RBI) sanctioned a substantial dividend payout of ₹2.11 lakh crore to the central government for FY 2023-24, reflecting a notable rise from the previous fiscal year. The RBI reported a 141% increase in net income for FY24, attributed to reduced expenditures, especially lower provisions. Interim budget documents outline the government’s expectation of dividends totaling around ₹1.02 trillion from the RBI, state-run banks, and other financial institutions.

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