Bank of Maharashtra Presents Rs 857 Crore Dividend to Finance Minister Nirmala Sitharaman

State-owned Bank of Maharashtra handed over a Rs 857 crore dividend cheque to Finance Minister Nirmala Sitharaman. The bank declared a dividend of Rs 1.40 per equity share for FY24. It showcased impressive financial performance with net profit increasing by 55.84% to Rs 4,055 crore.

State-owned Bank of Maharashtra (BoM) on Friday presented a substantial Rs 857 crore dividend cheque to Finance Minister Nirmala Sitharaman. The cheque, aimed at highlighting the bank's robust financial health, was handed over by BoM managing director Nidhu Saxena and executive director Asheesh Pandey, with the Financial Services Secretary Vivek Joshi also in attendance.

In a statement, BoM declared a dividend of Rs 1.40 per equity share (14 per cent) for the fiscal year FY24. The Government of India retains an 86.46 per cent stake in the Pune-based institution. The dividend payment underscores the bank's exceptional financial performance for the year.

BoM reported a significant 55.84 per cent surge in its net profit to Rs 4,055 crore in FY24, a notable increase from the previous year's Rs 2,602 crore. The bank also recorded improvements of 15.94 per cent in total business and 15.66 per cent in deposit mobilisation for 2023-24. BoM continues to demonstrate resilience and flexibility in adapting to evolving market dynamics, maintaining its position as a leader in service delivery and customer satisfaction.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)