BackSBI shares fall ahead of record date for dividend
SBI has fixed Friday, June 10 as the date of payment of dividend
PremiumShares of State Bank of India (SBI) fell over a per cent to ₹457 apiece on the BSE as the stock turned ex-dividend in Wednesday's deals, a day ahead of its record date for the dividend. The ex-dividend date for stocks is generally one business day prior to the record date.
While announcing its Q4FY22 results, SBI's board declared a dividend of ₹7.10 per equity share (710%) for the financial year ended 31st March, 2022. The record date for the said dividend has been fixed on Thursday, May 26, 2022. The bank has fixed Friday, June 10 as the date of payment of dividend and the same will be dispatched before the date of payment.
India's biggest bank reported a 41% rise in standalone net profit at ₹9,113.5 crore for the quarter ended March 2022, its highest ever quarterly profit, but missed analysts' estimates as bad loan provisions rose sequentially.
SBI's net interest income (NII), the difference between interest earned and expended, saw an increase of 15% to ₹31,198 crore during Q4FY22 from ₹27,067 crore year-on-year (YoY).
SBI shares are up about 10% in a year's period whereas the bank's stock has declined more than 3% in year-to-date (YTD) terms as compared to 9% fall in benchmark Sensex during the said period.
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