BoM pays dividend of ₹857 cr to FM for FY24
Bank of Maharashtra (BoM), a premier public sector bank in the country, paid a dividend cheque of `857.16 crore for the financial year 2023-24 to Union Finance Minister Nirmala Sitharaman on Friday. The dividend was presented by Nidhu Saxena, MD & CEO of BoM, along with Asheesh Pandey, Executive Director, and Santosh Dular, in-charge of NBCA at BoM, in the presence of Vivek Joshi, Secretary, Department of Financial Services, Government of India.
BoM declared a dividend of `1.40 per equity share (14 per cent) for FY24. This dividend payment reflects the bank’s impressive financial performance during the fiscal year. The bank’s net profit for FY 2023-24 increased by 55.84%, reaching `4,055 crore compared to `2,602 crore in the previous fiscal year.
BoM has been consistently performing well and has topped the chart of PSBs in terms of total business and deposit mobilisation with strong fundamental indicators. The bank recorded a 15.94% increase in total business and a 15.66% increase in deposit mobilisation for FY 2023-24.
BoM’s remarkable financial performance year on year demonstrates its position as an integral player in the banking sector. The bank 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.
BoM’s performance reflects the dedication and efforts of its employees, as well as the effectiveness of its strategic decisions and operational policies undertaken by the bank. This has helped the bank maintain its profit and growth trajectory with a strong focus on digitisation and ease of banking. Currently, BoM has a wide range of branch networks with more than 2,500 branches and 2,206 ATMs operating through 28 states and 7 Union Territories.