State Bank of India (SBI), the country’s largest public sector bank, has presented the government with a dividend income cheque amounting to Rs 5,740 crore for the financial year 2022-23.
This dividend marks the highest ever paid by the State Bank of India in any fiscal year. On Friday, Dinesh Kumar Khara, the bank’s chairman, handed over the dividend cheque to Finance Minister Nirmala Sitharaman, in the presence of Financial Services Secretary Vivek Joshi.
The Finance Ministry recently tweeted about the dividend, stating, “For the financial year 2022-23, the Finance Minister received a record dividend cheque of Rs 5,740 crore from SBI, the highest ever paid in any fiscal year.”
The BSE website’s data reveals that the State Bank of India has distributed a dividend of Rs 23.1130 per share to its shareholders for the financial year 2022-23, with the record date set as May 31, 2023. SBI’s standalone net profit for the quarter ended March stood at Rs 16,694.5 crore, surpassing analysts’ expectations by a significant margin.
The bank’s net profit witnessed an impressive growth of 83.2% compared to the corresponding period the previous year. As per regulatory filings, SBI’s net interest income (NII), the difference between interest earned and interest paid, reached Rs 40,392.5 crore for the three-month period, exceeding the Rs 31,197.9 crore recorded in the quarter ended March 2022.