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Bank of Maharashtra Hands Over Dividend Cheque Worth INR 795.94 Crore to Finance Minister

Bank of Maharashtra Presents INR 795.94 Crore Dividend Cheque to Finance Minister

Bank of Maharashtra (BoM) made a significant contribution to the government’s coffers by presenting a record-breaking dividend cheque of Rs 795.94 crore for the fiscal year 2022-23 to Finance Minister Nirmala Sitharaman. This dividend payment marks the highest-ever payout by the state-owned bank, as announced in a statement issued by BoM.

The cheque was handed over to the Finance Minister by the bank’s Managing Director, A S Rajeev, alongside Executive Directors A B Vijayakumar and Asheesh Pandey. The presence of Sameer Shukla, Joint Secretary of the Department of Financial Services, added further significance to the occasion.

BoM’s remarkable financial performance during the year led to a net profit surge of 126 percent, with profits reaching Rs 2,602 crore compared to the previous fiscal year’s Rs 1,152 crore. Reflecting this success, the bank declared a dividend of Rs 1.30 per equity share (13 percent) for the financial year ending on March 31, 2023.

This notable achievement highlights Bank of Maharashtra’s commitment to its shareholders and the growth of the banking sector. The dividend payment reinforces the bank’s strong financial standing and its contribution to the nation’s economy.

Bank of Maharashtra (BoM) made a historic milestone as it presented a dividend cheque of Rs 795.94 crore to Finance Minister Nirmala Sitharaman, solidifying its position as a leading state-owned bank. The dividend payment for the financial year 2022-23 sets a new record for BoM, surpassing all previous payouts made by the institution. The significance of this achievement was emphasized in a statement issued by the bank.

The esteemed ceremony was graced by the presence of A S Rajeev, the Managing Director of BoM, along with Executive Directors A B Vijayakumar and Asheesh Pandey. The bank’s top executives took the opportunity to express their gratitude and appreciation to the Finance Minister for her constant support and guidance. The presence of Sameer Shukla, Joint Secretary of the Department of Financial Services, added an air of official importance to the event.

BoM’s exceptional financial performance during the fiscal year is highlighted by the remarkable surge in net profit. The bank witnessed a staggering 126 percent increase, with net profits soaring to Rs 2,602 crore, surpassing the previous year’s figure of Rs 1,152 crore. This tremendous growth reflects the bank’s unwavering dedication to its customers and shareholders.

In recognition of its prosperous year, BoM declared a dividend of Rs 1.30 per equity share, equivalent to 13 percent, for the financial year ending on March 31, 2023. This decision further demonstrates the bank’s commitment to providing value to its shareholders while maintaining steady growth.

The presentation of the dividend cheque showcases Bank of Maharashtra’s pivotal role in contributing to the government’s financial stability and supporting the nation’s economy. With this achievement, the bank solidifies its reputation as a reliable and resilient institution, capable of delivering impressive financial results amidst challenging times.

As the Finance Minister graciously accepted the dividend cheque, she commended Bank of Maharashtra for its outstanding performance and contribution to the nation’s financial landscape. The event serves as a reminder of the vital role played by public-sector banks in driving economic growth and development.

Bank of Maharashtra’s record-breaking dividend payment stands as a testament to its unwavering commitment to excellence and its dedication to serving the interests of its stakeholders. With a strong financial foundation and a vision for continued success, the bank remains poised to make significant contributions to India’s banking sector and the overall economy in the years to come.

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