PSU lender Bank of India pays ₹668.17 crore dividend to govt in FY23; key highlights here
₹668.17 crore for the fiscal year FY23 to the government which is the majority shareholder. Among public shareholders, LIC is also one of the beneficiaries. In this financial year, BOI's share price has rallied by at least 55% on BSE.
BOI's board of directors declared a dividend of ₹2 per share on May 30 this year. In percentage terms, the dividend was 20%. Notably, the stock has gained by 54.96% on BSE from April 1, 2022, to March 31, 2023.
This dividend payout is based on the bank’s strong financial performance for the full year 2022-23. Rajneesh Karnatak, Managing Director & CEO, and all four Executive Directors of BOI presented the dividend cheque to Finance Minister Nirmala Sitharaman in the presence of Vivek Joshi, Financial Services Secretary. In the fiscal FY23, the bank posted a net profit of ₹4,023 crore, up by 18.15% from ₹3,405 crore in FY22.
While its operating profit jumped by 34.09% to ₹13,393 crore in FY23 as against ₹9,988 crore in FY22. It said, 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.
As of March 31, 2023, the Indian government holds nearly 334.09 crore equity shares or 81.41% in Bank of India. Meanwhile, the rest of the 18.59% stake is held by public shareholders. Public shareholders also received the dividend benefit from BOI in FY22.
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