1130% dividend announced: This PSU bank reported a stellar rise in Q4 net profit

Bank announced a dividend of Rs 11.30 per equity share to its shareholders.  

About the results 

The State Bank of India has reported an 83.55% rise in its net profit on a consolidated basis at Rs 18,343.25 crore for the fourth quarter that ended March 31, 2023, as compared to Rs 9,993.76 crore for the same quarter in the previous year. The total income of the bank increased by 26.67% at Rs 1,36,852.39 crore for Q4FY23 as compared to Rs 1,08,034.68 crore for the corresponding quarter previous year. 

For the year ended March 31, 2023, on a consolidated basis, the bank has reported a 55.57% rise in its net profit at Rs 56,558.43 crore as compared to Rs 36,356.17 crore for the previous year. The total income of the bank increased by 16.32% at Rs 4,73,378.14 crore for the year under review as compared to Rs 4,06,973.09 crore for the year ended March 31, 2022. The bank announced a dividend of Rs 11.30 per equity of face value Re 1 i.e., a 1,130% payout to its shareholders. 

Company profile 

State Bank of India is an Indian multinational, public sector banking and financial services statutory body. For SBI, the interests of the common man have always remained at the core of its business. The Bank has a strong portfolio of distinctive products & services, and leverages technology to deliver and manage them in a personalized and customer-centric way. State Bank of India is actively involved since 1973 in non-profit activity called Community Services Banking. 

Share price movement 

State Bank of India is currently trading at Rs 579.35, up by 2.20 points or 0.38% from its previous closing of Rs 579.80 on the BSE. The scrip opened at Rs 579.80 and touched a high and low of Rs 580.25 and Rs 577 respectively. So far 18,918 shares were traded on the counter. 

The BSE group 'A' stock of face value of Rs 1 touched a 52-week high of Rs 629.65 and a 52-week low of Rs 430.80. The promoters holding in the company stood at 57.49%, while Institutions and Non-Institutions held 35.10% and 7.41%, respectively.