State Bank of India (SBI) has paid a dividend of Rs 5,740 crore for the financial year 2022-23, which is the highest-ever dividend given by the bank to the Government of India. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara, in the presence of Financial Services Secretary Vivek Joshi.
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The finance minister’s office tweeted, “Smt @nsitharaman receives a dividend cheque of Rs 5,740 crore for FY 2022-23, which is the highest-ever dividend given by State Bank of India to Govt of India for a financial year, from Shri Dinesh Kumar Khara, Chairman @TheOfficialSBI. Secretary – @DFS_India Shri Vivek Joshi is also present on the occasion.”
SBI had declared a dividend of Rs 11.30 per equity share (1,130 percent) for the financial year ended March 31, 2023. This reflects the bank’s strong financial performance during the year.
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These results exceeded the estimates of ET Now poll, which predicted a profit of around Rs 15,000 crore and NII of Rs 40,000 crore. Provisions (other than tax) and contingencies fell sharply by 54 percent to Rs 3,316 crore for the quarter, compared to Rs 7,237 crore in the same period a year ago.
SBI’s provisions for non-performing assets (NPAs) during the January-March period also decreased significantly, more than halving to Rs 1,278 crore. For the full 2022-23 fiscal year, SBI’s net profit increased by 59 percent to Rs 50,232.45 crore, up from Rs 31,675.98 crore in the previous fiscal year.
The strong financial performance of SBI reflects the bank’s robust growth and effective management of its loan portfolio, reaffirming its position as India’s largest bank and a key player in the country’s banking sector.
