Which will deliver better dividends in FY24: ASX mining shares vs. bank stocks

ASX mining and bank shares both have long histories as strong and reliable dividend payers.

A miner shakes hands with a businessman or banker inside an underground mine setting.

Image source: Getty Images

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Pitting ASX mining shares against ASX bank stocks on the subject of dividends is like asking swimming legends Ian Thorpe and Grant Hackett to race each other at the peak of their careers.

No matter who comes first, both are going to put in a reliably outstanding performance.

ASX mining shares and ASX bank stocks have long histories as reliable ASX dividend shares.

The mining shares can outdo bank stocks quite substantially when commodity prices are high, but regardless, you're going to get a very decent dividend yield out of both of them over the long term.

But just for fun (we're nerdy like that here at the Fool), let's take a look at whether ASX mining shares or ASX bank stocks will pay more than the other in FY24.

Will ASX mining shares reign supreme in FY24?

For the purposes of this article, let's stick to large-cap stocks, which are those with market caps above $10 billion. These are big, established companies delivering reliable earnings year after year.

The tables below showcase the dividend forecasts published on CommSec that are current as of today.

Drum roll, please…  

How much will these ASX mining shares pay in FY24?

ASX mining shareDividend yieldForecast
Fortescue Metals Group Ltd (ASX: FMG) 6.6%141 cents
Rio Tinto Ltd (ASX: RIO) 6.1%690.4 cents
Mineral Resources Ltd (ASX: MIN) 1.9%109.8 cents
Newcrest Mining Ltd (ASX: NCM) 1.5%38 cents
South32 Ltd (ASX: S32) 3.3% 11 cents
Pilbara Minerals Ltd (ASX: PLS)3.3%12.5 cents
BHP Group Ltd (ASX: BHP)5.2%230.1 cents
Yields on these ASX mining shares have been calculated based on share prices at the time of writing

How much will these ASX bank stocks pay in FY24?

ASX bank shareDividend yieldForecast
ANZ Group Holdings Ltd (ASX: ANZ)6.4%162 cents
Commonwealth Bank of Australia (ASX: CBA)4.6%450 cents
Westpac Banking Corp (ASX: WBC)6.7%141 cents
National Australia Bank Ltd (ASX: NAB)5.8%168 cents
Macquarie Group Ltd (ASX: MQG)3.9%630 cents
Bendigo and Adelaide Bank Ltd (ASX: BEN)7.2%64 cents
Bank of Queensland Ltd (ASX: BOQ)6.7%37 cents
Yields on these ASX bank shares have been calculated based on share prices at the time of writing

The conclusion…

Based on these dividend forecasts and today's share prices, the banks win!

The average forecast yield among this group of bank shares is 5.9%. The average forecast yield among this group of mining shares is 4%.

Motley Fool contributor Bronwyn Allen has positions in Anz Group, BHP Group, Commonwealth Bank Of Australia, Fortescue Metals Group, Macquarie Group, South32, and Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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