New Delhi, June 9
Union Finance Minister Nirmala Sitharaman on Monday received a dividend cheque of Rs 8,076.84 crore on behalf of the government from the State Bank of India (SBI) for the financial year 2024-25.
The cheque was presented to the Finance Minister by SBI chairman CS Setty at her office in the presence of senior officials.
"Smt @nsitharaman receives a dividend cheque of Rs 8076.84 crore for FY 2024-25 from CS Setty, Chairman - @TheOfficialSBI," Nirmala Sitharaman Office posted on social media platform X.
The robust dividend came as India’s top public sector companies in the financial, power and energy sectors have recorded a robust growth in profit during the January-March quarter of 2024-25, which is expected to further strengthen the government’s fiscal position.
The country’s largest lender SBI and insurance giant Life Insurance Corporation of India (LIC) led the charge with a net profit of Rs 18,643 crore and Rs 19,013 crore, respectively. SBI’s net profit for the financial year 2024-25 has now soared to Rs 70,901 crore while LIC has recorded an impressive net profit of Rs 48,151 crore for the year.
In the energy sector, Coal India earned a net profit of Rs 9,604 crore during the fourth quarter while Indian Oil Corporation (IOC) registered a net profit of Rs 7,265 crore with upstream oil exploration giant ONGC registering a net profit of Rs 6,448 crore during the quarter.