According to GoI Data PSBs' Dividends Surge 33% to ₹27,830 Crore in FY24.

Banking & Finance

According to Government of India (GoI)'s latest data, Public Sector Banks (PSBs) have witnessed an increase of 32.7% in dividend payout to ₹27,830 crore in the Financial Year 2023-24 (FY24) compared to ₹20,964 crore recorded in FY23.


      - This increase reflects a significant improvement in the financial health of these PSBs, compared to record losses of ₹85,390 crore registered in FY18.

      - Of the total dividend received, approximately 65% (₹18,013 crore) was paid to GoI towards their stake in FY24.

     

Main Point :-   (i) The data highlighted that the combined net profit of 12 Indian PSBs was at ₹1.41 lakh crore in FY24 against a net profit of ₹1.05 lakh crore in FY23 and earned ₹1.29 lakh crore in nine months (April-December) of FY25.

      (ii) As per the data, State Bank of India (SBI) emerged as the largest contributor to the overall net profit registered by PSBs during FY24, accounting for over 40% (₹61,077 crore), which marks an increase of 22% compared to the previous FY (₹50,232 crore).


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