Bank of India pays dividend of Rs 668 crore to govt

State-owned Bank of India (BOI) on Wednesday paid the government a dividend of Rs 668.17 crore for the financial year 2022-23.

BoI managing director Rajneesh Karnatak presented the dividend cheque to Finance Minister Nirmala Sitharaman in the presence of Vivek Joshi, Financial Services Secretary.

The dividend of Rs 2 per equity share (20 per cent) was declared by BoI's Board of Directors on May 30, 2023, the bank said in a statement. The dividend payout is based on the bank's financial performance for the full year 2022-23.

BoI's net profit jumped by 18.15 per cent from Rs 3,405 crore in FY22 to Rs 4,023 crore in FY23. The operating profit increased by 34.09 per cent from Rs 9,988 crore in FY22 to Rs 13,393 crore in the financial year ended March 2023.