Bank of Maharashtra presents dividend of Rs 857 crore to Finance Minister Nirmala Sitharaman

Mumbai (Maharashtra) [India], June 22: Bank of Maharashtra (BoM), a premiere public sector Bank in the country, on Friday paid a dividend cheque of Rs 857.16 crore for the financial year 2023-24 to Hon’ble Finance Minister Nirmala Sitharaman. The dividend was presented by Nidhu Saxena, MD & CEO, Bank of Maharashtra along with Asheesh Pandey Executive Director & Santosh Dular, In-charge NBCA, Bank of Maharashtra; in the presence of Vivek Joshi, Secretary, Department of Financial Services, Government of India.

Bank of Maharashtra declared a dividend of Rs 1.40 per equity share (14 percent) for FY’24. 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% percent, reaching to Rs 4,055 crore, compared to Rs 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 has recorded a 15.94% increase in total business and a 15.66% increase in deposit mobilisation for the 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.

Bank of Maharashtra’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 to maintain profit and growth trajectory with a strong focus on digitization and ease of banking. Currently, the Bank of Maharashtra has a wide range of Branch network of more than 2500 Branches and 2206 ATMs, operating through 28 states and 7 Union Territories.