22 Jun , 2022 By : Kanchan Joshi
Dividend paying stocks: Two public sector banking shares Punjab National Bank (PNB) and Union Bank of India are turning ex-dividend stocks today. As per the information available on official BSE website, the board of directors of PNB has announced a dividend of Rs0.64 per equity share for the financial year 2021-22 whereas Union Bank of India has announced a dividend of Rs1.90 per equity share for FY22. The Union Bank has announced dividend after a gap of 6 years while PNB has announced dividend after a gap of 7 years.
PNB informed Indian exchanges about the dividend payment citing, "The Board of Directors has also recommended Dividend of Re. 0.64 per equity share (i.e. 32%) of face value of 2/- each to the Shareholders of the Bank for the year 2021-22, subject to the approval at the ensuing Annual General Meeting of the Bank." Later on, PNB informed Indian bourses that record date for finalising eligible shareholders for dividend payment has been fixed on 23rd June 2022.
As PNB share price today is Rs29.85 per share and dividend announced is Rs0.64 per equity share, PNB's current dividend yield is around 2.15 per cent.
Similarly, Union Bank of India informed Indian bourses about dividend payment recommendation citing, "This is to inform that the Board of Directors of the Bank in its meeting here today i.e., May 26, 2022 has accorded approval to convene the 20th Annual General Meeting (AGM) of the shareholders of the Bank through Video Conferencing (VC) or Other Audio Visual Means (OAVM) on Thursday, June 30, 2022 at 11.00 a.m. l5T at Central Office, Mumbai (deemed venue) to declare Dividend of Rsl.90 per Equity Share for the Financial Year 2021-22." The record date for dividend payment has fixed on 23rd June 2022.
As Union Bank share price today is Rs36 per share and the dividend announced of Rs1.90 per equity share, Union Bank's current dividend yield stands at whopping 5.27 per cent.
In Q4FY22 results, PNB reported a 66 per cent dip in its standalone net profit, which stood at Rs202 crore. The state-owned bank said that decline in net profit was due to higher provisioning, even as the NPA levels declined. In Q4FY21, PNB had posted a net profit of Rs586 crore. However, for FY22, PNB reported a net profit of Rs3,456.96 crore that stood at Rs2,021.62 crore in FY21.
While announcing the Q4FY22 results, Union Bank of India reported 8.3 per cent year-on-year (YoY) rise in net profit. The state-owned bank informed that net profit went up due to robust growth in net interest income.
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