Latest News | Bank of Maharashtra Pays Rs 857 Cr Dividend to Govt

New Delhi, Jun 21 (PTI) State-owned Bank of Maharashtra (BoM) on Friday presented Rs 857 crore dividend cheque to Finance Minister Nirmala Sitharaman.

The cheque was handed over by BoM managing director Nidhu Saxena and executive director Asheesh Pandey in the presence of Financial Services Secretary Vivek Joshi.

Also Read | Who Is Nyay Bindu? All About Rouse Avenue Court Judge Who Granted Bail to Arvind Kejriwal in Money Laundering Case Linked to Delhi Liquor Policy.

The bank declared a dividend of Rs 1.40 per equity share (14 per cent) for FY24, BoM said in a statement.

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

Also Read | Punjab State Dear Summer Special Bumper Lottery 2024 Draw Results To Be Declared on June 29 at punjabstatelotteries.gov.in, Know Prize Money and How To Check Winning Numbers Online.

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

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

The bank has recorded a 15.94 per cent improvement in total business and a 15.66 rise in deposit mobilisation for the 2023-24.

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 added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)