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Bank Of Maharashtra Declares Rs 857 Crore Dividend For FY24

The Government of India holds an 86.46% stake in the Pune-based bank.

NDTV Profit Desk

Bank of Maharashtra headquarters. (Source: company website)

On Friday, the state-owned Bank of Maharashtra presented a dividend cheque of Rs 857 crore to Finance Minister Nirmala Sitharaman.

The cheque was handed over by the Bank's Managing Director Nidhu Saxena and Executive Director Asheesh Pandey, in the presence of the Financial Services Secretary Vivek Joshi.

The bank has declared a dividend of Rs 1.40 per equity share, which amounts to 14% for financial year 2024, as stated in a BoM press release.

The Government of India holds an 86.46% stake in the Pune-based bank.

This dividend payment reflects the bank's impressive financial performance during the fiscal, it said.

The bank's net profit increased by 55.84% to Rs 4,055 crore in FY24, as compared with Rs 2,602 crore in the previous fiscal.

The bank has recorded a 15.94% improvement in total business and a 15.66% rise in deposit mobilisation for the FY24.

BoM has consistently shown resilience and adaptability to changing market dynamics, enabling it to remain at the forefront in terms of service delivery and customer satisfaction, it said.

(With inputs with PTI)

Also Read: Bank of Maharashtra Q4 Results: Profit Jumps 45% To Rs 1,218 Crore

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