On improved net interest margins, the Bank of India‘s net profit increased 142.3 percent to Rs 606 crore in Q4FY22. In Q4FY21, it had a net profit of Rs 250 crore. The net profit for FY22 increased by 57.6% to Rs 3,405 crore from Rs 2,160 crore in FY21.
Subject to shareholder approval, the board recommended a dividend of Rs 2 per equity share for 2021-22.
On the BSE, the bank’s stock closed 1.51% higher at Rs 47.15 a share. The board had given consent to approach the market with an equity capital offering of up to Rs 2,500 crore to reduce the government’s stake, according to A K Das, managing director, and chief executive.