February 25, 2024

Bank of India Pays Dividend of Rs.668.17 Crores to Government of India

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Mumbai, July 06th , 2023 – Bank of India (BOI) today paid a dividend of Rs.668.17 crores for the financial year 2022-23 to the Government of India, its majority shareholder. Shri Rajneesh Karnatak, Managing Director & CEO, and all the four Executive Directors of BOI presented the dividend cheque to Finance Minister Smt. Nirmala Sitharaman in the presence of Shri Vivek Joshi, Financial Services Secretary.

The dividend of Rs.2.00 per equity share (20%) was declared by BOI’s Board of Directors on May 30, 2023. The dividend payout is based on the bank’s strong financial performance for the full year 2022-23.

For the full year 2022-23, BOI’s net profit jumped by 18.15%, which went up from Rs.3,405 crores in FY22 to Rs.4,023 crores for FY23. The Operating Profit increased by 34.09% from Rs.9,988 crores in FY22 to Rs.13,393 crores in FY23.

By successfully paying dividends to the Government of India, Bank of India reaffirms its robust financial performance and unwavering dedication to creating value for its shareholders. This accomplishment stands as a testament to the bank’s commitment to excellence and its ability to generate consistent returns.