Bank of Maharashtra pays Rs 857 crore dividend to government

State-owned Bank of Maharashtra (BoM) on Friday presented Rs 857 crore dividend cheque to Finance Minister Nirmala Sitharaman.

The cheque was handed over by BoM managing director Nidhu Saxena and executive director Asheesh Pandey in the presence of Financial Services Secretary Vivek Joshi.

The bank declared a dividend of Rs 1.40 per equity share (14 per cent) for FY24, BoM said in a statement.

The Government of India holds an 86.46 per cent stake in the Pune-based bank.

This dividend payment reflects the bank's impressive financial performance during the fiscal year, it said.

The bank's net profit increased by 55.84 per cent to Rs 4,055 crore in FY24, compared to Rs 2,602 crore in the previous fiscal year.

The bank has recorded a 15.94 per cent improvement in total business and a 15.66 rise in deposit mobilisation for the 2023-24.

BoM 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, it added.