SBI Subsidiary to Turn Ex-Dividend This Week: Important Dates, Amount

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SBI Subsidiary to Turn Ex-Dividend This Week: Important Dates, Amount
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The credit card company SBI Cards and Payment Services (NS: SBIC ) will remain under focus this week, as its shares will turn ex-dividend for an interim dividend of 25% for the financial year 2022-23.

The NBFC announced in a recent Board meeting that its Board of Directors declared an Interim Dividend of Rs 2.5/share having a face value of Rs 10 each, translating to a 25% dividend for the financial year 2022-23.

The company’s Board has set the record date for determining shareholders eligible for the said interim dividend as Wednesday, March 29, 2023.

SBI Cards and Payment will credit or dispatch the interim dividend to eligible shareholders of the company on or before April 19, 2023, it said last week.

A subsidiary of the PSU lending behemoth State Bank of India (NS: SBI ), SBI Cards posted a 32% YoY rise in its PAT at Rs 509 crore in the December 2022 quarter, and its net interest income (NII) surged 26.4% YoY to Rs 1,609 crore.

On the asset front, the large-cap NBFC’s gross NPA slipped to 2.22% in Q3 from 2.4% YoY, and net NPA stood at 0.8% against 0.83% in the year-ago period.

Read More: SBI Cards Q3: PAT Up 32%, NII Surges, Gross NPA Slips

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