Dividend
Dividend payment of government banks (PSB) increased by 33 percent to Rs 27,830 crore in the last financial year 2023-24. This is a sign of improvement in financial health of these banks. According to government data, PSB has given a dividend of Rs 27,830 crore to shareholders in 2023-24, while this figure has been Rs 20,964 crore in the last financial year. In this way, the dividend payment of PSB has increased by 32.7 percent. Out of the total dividend of Rs 27,830 crore, about 65 percent or Rs 18,013 crore was paid to the government for its shareholding.
Banks’ profits increased
During the financial year 2022-23, the government received Rs 13,804 crore as dividends from public sector banks including State Banks of India (SBI). It is worth noting that 12 public sector banks have recorded the highest total net profit of Rs 1.41 lakh crore in 2023-24 in 2022-23 against a net profit of Rs 1.05 lakh crore. His net profit in the first nine months of the current financial year has been Rs 1.29 lakh crore. According to the data available with the stock markets, SBI alone was part of more than 40 percent of PSB’s total benefits of Rs 1,41,203 crore during FY 2023-24. SBI made a profit of Rs 61,077 crore, which is 22 percent more than the previous financial year (Rs 50,232 crore).
PNB gain increased the most
Talking in terms of percentage, the net profit of Punjab National Bank (PNB) in Delhi increased the highest 228 percent to Rs 8,245 crore. After this, the net profit of Union Bank of India increased by 62 percent to Rs 13,649 crore and the net profit of Central Bank of India increased by 61 percent to Rs 2,549 crore. Among the banks whose net profit was increased by more than 50 percent, the net profit of Bank of India increased by 57 percent to Rs 6,318 crore, while the net profit of Bank of Maharashtra increased by 56 percent to Rs 4,055 crore and Chennai -based Indian Bank increased net profit by 53 percent to Rs 8,063 crore. Public sector banks have traveled up to a record profit in 2023-24 after a record loss of Rs 85,390 crore in the financial year 2017-18.
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