Bank Of India Pays Government With Rs 668 Crore Dividend For FY23

Bank of India, one of the leading public sector banks in India, has announced the payment of a dividend of Rs 668 crore to the government for the financial year 2022-23.

Rajneesh Karnatak, managing director of the BoI, handed the dividend cheque to Nirmala Sitharaman, minister of finance, in the presence of Vivek Joshi, secretary of financial services.

The BoI Board of Directors declared a dividend of Rs 2 per equity share (20%) on May 30, 2023, according to a statement from the bank.

The dividend payment is determined by the bank's financial performance for the entire 2022-2023 fiscal year.
BoI's net profit increased from Rs 3,405 crore in FY22 to Rs 4,023 crore in FY23, a jump of 18.15%.

Operating profit rose from Rs 9,988 crore in FY22 to Rs 13,393 crore in the fiscal year that ended in March 2023, a 34.09 percent rise.