Bank of Maharashtra Paid Rs 857 Cr Dividend To FM Nirmala Sitharaman

The nation's leading public sector bank, Bank of Maharashtra (BoM), handed Hon. Finance Minister Smt. Nirmala Sitharaman a dividend cheque for Rs. 857.16 crore for the fiscal year 2023-24 on Friday. In the presence of Shri Vivek Joshi, Secretary, Department of Financial Services, Government of India, the dividend was handed over by Shri Nidhu Saxena, MD & CEO, Bank of Maharashtra, along with Shri Asheesh Pandey, Executive Director, and Smt. Santosh Dular, In-charge NBCA, Bank of Maharashtra.

For FY'24, Bank of Maharashtra announced a dividend of Rs 1.40 per equity share or 14%. The Bank's outstanding financial performance throughout the course of the fiscal year is apparent in this dividend payout. The bank's net profit for the fiscal year 2023-24 climbed to Rs 4,055 crore from Rs 2,602 crore, a 55.84% rise from the previous year. With solid underlying signs, BoM has been running profitably for a long time, topping the list of PSBs in terms of overall business and deposit mobilisation. For the fiscal year 2023-2024, the bank reported a 15.94% growth in overall business and a 15.66% increase in deposit mobilisation.

The performance of Bank of Maharashtra is a manifestation of the commitment and hard work of its staff as well as the success of the strategic decisions and operational guidelines the bank has implemented. The bank has been able to sustain its development and profit trajectory by prioritising digitization and facilitating easy banking. Currently, Bank of Maharashtra operates in 28 states and 7 Union Territories with a broad branch network that includes more than 2500 branches and 2206 ATMs.

Meanwhile, State Bank of India (SBI), the largest lender in the nation, granted the government a dividend of Rs 6,959 crore for the fiscal year 2023-2024 on Friday. In the presence of Financial Services Secretary Vivek Joshi, SBI Chairman Dinesh Kumar Khara handed the dividend cheque to Finance Minister Nirmala Sitharaman. SBI announced a dividend for the fiscal year 2023-2024 of Rs 13.70 per share. The bank's record consolidated net profit for 2023-24 was Rs 67,085 crore, up from Rs 55,648 crore the year before.

Recently SBI said, the Central Board approved issuing long-term bonds up to Rs. 20,000 crore through a public offering or private placement during FY25 during its meeting held today, June 19, 2024.