SBI pays record dividends to the government after a quantum leap in its last-quarter profit

SBI pays record dividends to the government after a quantum leap in its last-quarter profit

The country’s largest public sector bank, State Bank of India (SBI), has given the government a cheque of Rs 5,740 crore as its dividend income for the financial year 2022-23. This is the highest dividend the State Bank of India has given in any financial year. Dinesh Kumar Khara, chairman of the country’s largest bank, handed over the dividend cheque to Finance Minister Nirmala Sitharaman on Friday. Financial Services Secretary Vivek Joshi was also present on the occasion.

The Finance Ministry tweeted about receiving the dividend recently. “For the financial year 2022-23, the Finance Minister received a dividend cheque of Rs 5,740 crore from SBI, which is the highest dividend amount given in any financial year,” it said in a tweet.

According to the data available on the BSE website, the State Bank of India has paid a dividend of Rs 23.1130 per share to shareholders for the financial year 2022-23. The record date for this was 31 May 2023.

SBI registers record profit in FY23

State Bank of India reported a standalone net profit of Rs 16,694.5 crore for the quarter ended March, beating analysts’ estimates by a huge margin. The PSU banking behemoth’s net profit grew 83.2 per cent compared to the corresponding year ago period. SBI’s net interest income (NII) — or the difference between interest earned and interest paid — stood at Rs 40,392.5 crore for the three-month period as against Rs 31,197.9 crore for the quarter ended March 2022, according to a regulatory filing.

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