Delhi, July 8: India’s own bank the State Bank of India(SBI) on Monday shared a record dividend worth Rs 8076 Crore to the Centre.
The dividend in terms of a cheque was handed over to Finance Minister Nirmala Sitharaman on a special occasion.
The higher dividend contributed to the government shows the escalating growth of the SBI in the fiscal year.
CS Setty, Chairman of The State Bank of India (SBI), presented the FM the dividend cheque of Rs 8076.84 crore for FY 2024-25 today.
For the previous fiscal year, the amount tendered by the SBI was Rs 6,959 crore. While the bank’s interest income rose by 2.7% at Rs 42,775, its net profit tanked 10% to Rs 18,643 crore for SBI’s fourth quarter result.
From the previous years Rs 1,608 crore, the bank’s provision increased to Rs 6,442 crore.
The growth came with a coverage ratio improving by 19 basis points to 92.08%. By 7 basis points to 0.55%, SBI’s slippage points also improved.
In addition to it, the SBI has announced a dividend of Rs 15.9 per share.
