Public sector banks’ dividend payout rises 33 pc in FY24: Centre, ET BFSI
New Delhi, Public sector banks (PSBs) in India have proven vital monetary enchancment, as their dividend payouts elevated by 33 per cent to Rs 27,830 crore within the financial year 2023-24.
This can be a sharp rise from Rs 20,964 crore within the earlier fiscal, based on authorities information.
Out of the full dividend paid, practically 65 per cent, or Rs 18,013 crore, went to the federal government, reflecting its main stake in these banks.
Within the earlier monetary 12 months, the federal government had obtained Rs 13,804 crore as dividends from the PSBs, together with the State Bank of India (SBI).
The rise in dividend payouts comes on the again of record profits reported by public sector banks, the info mentioned.
In FY24, 12 PSBs collectively earned their highest-ever internet revenue of Rs 1.41 lakh crore, in comparison with Rs 1.05 lakh crore in FY23.
In the course of the first 9 months of FY24 alone, these banks had already earned Rs 1.29 lakh crore in revenue.
The SBI, India’s largest financial institution, contributed over 40 per cent of the full PSB revenue. The financial institution earned Rs 61,077 crore in FY24 — a 22 per cent enhance from Rs 50,232 crore within the earlier 12 months.
Among the many fastest-growing banks by way of internet revenue, the Punjab Nationwide Financial institution (PNB) recorded the very best development of 228 per cent, incomes Rs 8,245 crore.
The Union Financial institution of India’s revenue rose 62 per cent to Rs 13,649 crore, whereas the Central Financial institution of India noticed a 61 per cent enhance, reaching Rs 2,549 crore.
Different banks with over 50 per cent revenue development included the Financial institution of India (57 per cent development to Rs 6,318 crore), the Financial institution of Maharashtra (56 per cent rise to Rs 4,055 crore), and the Indian Financial institution (53 per cent development to Rs 8,063 crore).
This outstanding turnaround within the PSBs’ financial performance is important, contemplating that these banks had recorded large losses of Rs 85,390 crore in FY18.
–IANS
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