SBI Announces Record Dividend Of Rs 13.7 Per Share

State Bank of India announced a dividend of Rs 13.70 per equity share for the financial year ended March 31, 2024.

The record date for determining eligibility to receive dividends is May 22, the public sector lender said in an exchange filing on Thursday. SBI fixed June 5, 2024, as the date for the payment of the FY24 dividend.

For the previous financial year, India's largest lender announced a dividend of Rs 11.3 per share. The latest dividend issue will be the highest amount that investors will get through a dividend from the State Bank of India.

The State Bank of India reported a net profit rise of 24% to Rs 20,968 crore in the quarter ended March 31 on lower provisions. Analysts polled by Bloomberg estimated a net profit of Rs 12,340 crore for the quarter.