Bank of Maharashtra presents dividend cheque of Rs 795.94 crore to Finance Minister Nirmala Sitharaman

PNN

Mumbai (Maharashtra) [India], June 21: Bank of Maharashtra (BoM), a premiere public sector Bank in the country, on Tuesday, paid a dividend cheque of Rs 795.94 crore for the financial year 2022-23 to Finance Minister Nirmala Sitharaman. The dividend cheque was presented by A S Rajeev, MD & CEO, Bank of Maharashtra along with Executive Directors A B Vijayakumar and Asheesh Pandey, in the presence of Sameer Shukla, Joint Secretary, Department of Financial Services.

Bank of Maharashtra declared a dividend of Rs 1.30 per equity share (13 percent) for the financial year ended on March 31, 2023. This dividend payment reflects the bank's impressive financial performance during the fiscal year. BoM's net profit for the full year 2022-23 soared by 125.96% percent, reaching to Rs 2602 crore, compared to Rs1152 crore in the previous fiscal year.

BoM has been consistently putting promising results and has topped the chart of PSBs in terms of deposit and loan growth for FY-21, FY-22 & FY-23, with strong fundamental indicators. The substantial increase in profitability showcases BoM's ability to navigate challenges and generate robust returns.

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 performance. Recently BoM successfully raised capital of Rs.1000 crore through the QIP process, signifying strong investor confidence.

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 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 networks of 2210 Branches and 2350 ATMs, operating through 28 states and 6 Union Territories. For more information, kindly visit the Bank of Maharashtra website www.bankofmaharashtra.in

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