SBI slides marginally by 2% as it turns ex dividend

During the announcement of its March quarter results, SBI declared a dividend of Rs 11.30 per share for the fiscal year 2023 against Rs 7.10 a share in FY22.

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Shares of State Bank of India (SBI) declined nearly 2 percent after going ex-dividend on May 31. The stock reached a low of Rs 579.05 on the BSE. At 10.17am, the scrip was trading at Rs 582 on BSE, down 1.7 percent from its previous close.

During the announcement of its March quarter results, SBI declared a dividend of Rs 11.30 per share for the fiscal year 2023, against Rs 7.10 a share in FY22. The dividend payout is scheduled for June 14. In FY21, the lender announced a dividend of Rs 4 a share. SBI has not announced dividend in FY20 and FY19.

The financials

As per Moneycontrol calculations, dividend for FY23 will amount to over Rs 10,000 crore. According to Ace Equity, the dividend in FY22 amounted to Rs 6,336.47 crore and to Rs 3,569.84 crore in FY21.

The stock has seen a huge jump in the last two months with gains of over 16 percent compared to over 5 percent rise in benchmarks Sensex and Nifty.

Recently, SBI has announced a remarkable increase in net profit, driven by robust loan demand and a decline in provisions, reflecting improved asset quality during the March quarter. The bank witnessed an impressive surge of 83 percent in net profit, reaching Rs 16,695 crore. SBI achieved a milestone by surpassing the Rs 50,000-crore mark for net profit in the fiscal year 2023, becoming the first bank in India to achieve such an annual profit level.

Analyst’s note

“SBI announced strong business growth momentum across all categories in Q4FY23 with its highest-ever bottom-line growth. Slippages remained under control, with recoveries and asset improvements outpacing slippages…. Given the core bank’s strong business performance, including its highest-ever reported bottom line, growing network, and improving asset quality, which has aided improvement in core profitability metrics over the previous year as well as sequentially, we believe there is a significant upside in the stock and reiterate our recommendation to Buy the stock”, said Way2Wealth Research in its latest note.

Currently, the lender has 49 buy and 1 hold and zero sell ratings from analysts, according to Bloomberg.