Indian public sector banks projected to pay over Rs 15,000 crore dividend in FY24 due to increased profitability.
Public sector banks in India are likely to pay a dividend of over Rs 15,000 crore for the financial year ending March 2024 due to improved profitability. In the first three quarters of the current financial year, all 12 PSBs earned a total profit of Rs 98,000 crore, only Rs 7,000 crore less than the entire FY23. The banks achieved their highest-ever combined net profit of Rs 1.05 lakh crore in FY23 compared to Rs 66,539.98 crore in 2021-22, resulting in a 58% increase in the government's dividend to Rs 13,804 crore.
March 24, 2024
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