Bank of India’s Q4 profit rises 142% to ₹606cr

MUMBAI: Bank of India (BoI) reported a net profit of Rs 606 crore for the March quarter, an increase of 142% over Rs 250 crore in the year-ago period. The bank’s net profit for FY22 was Rs 3,405 crore, a 57% jump over Rs 2,160 crore in the previous year.

The bank has proposed a dividend of 20%, which will be distributed subject to shareholder approval. After the increase in net profit, the bank’s capital adequacy ratio (CRAR) rose to 17% in March 2022 as against 14.9% in March 2021. Bank of India MD & CEO A K Das said that the lender may raise Rs 2,500 crore in equity capital this year.