Uptick in PSBs’ dividend payout
9% growth likely this fiscal as 12 PSBs expected to pay over Rs15,000cr to exchequer
image for illustrative purpose
New Delhi: Public-sector banks (PSBs) are likely to pay a dividend in excess of Rs 15,000 crore for the financial year ending March 2024 on the back of improved profitability, according to sources.
In the first three quarters of the current financial year, all 12 PSBs earned a total profit of Rs98,000 crore, only Rs7,000 crore less than the entire FY23. PSBs earned the highest-ever aggregate net profit of Rs1.05 lakh crore during FY23 compared to Rs66,539.98 crore earned in 2021-22. As a result, the government earned a dividend of Rs13,804 crore, 58 per cent higher than the Rs8,718 crore paid out in the previous financial year. Since the profit in the current financial year would be much higher than the previous year, so will be the dividend payout to the government, sources said. Going by the past record, the dividend payout for FY24 should be in excess of Rs15,000 crore, they added.
