State Bank of India (SBI) shares fell more than 1% to 457 on the BSE. As the stock went ex-dividend in Wednesday’s trades, a day before the dividend’s record date. For stocks, the ex-dividend date is normally one business day before the record date.
SBI’s board declared a dividend of 7.10 per equity share (710 percent) for the fiscal year ended March 31, 2022. While announcing its Q4FY22 results. The record date for the aforementioned dividend is set for Thursday, May 26, 2022. The bank has set Friday, June 10 as the date for dividend payment, and the dividend will be distributed prior to that date.
SBI reported a boost in Profits
India’s biggest bank reported a 41% boost in standalone net profit at 9,113.5 crores. For the quarter ended March 2022, its highest quarterly profit ever. But fell short of analysts’ assumptions as bad loan provisions expanded sequentially.
SBI’s net interest income (NII), which is the difference between interest earned. And interest expended, increased by 15% to 31,198 crore in Q4FY22 from 27,067 crore the previous year (YoY).
SBI shares are up about 10% year on year, but the bank’s stock is down more than 3% year to date (YTD), compared to a 9% drop in the benchmark Sensex during the same period.