Bank of India’s net profit rose 142.3% to Rs 606 crore in the fourth quarter of fiscal 2022, boosting net interest margins. It posted a net profit of Rs 250 crore in the fourth quarter of fiscal 2021. Net profit in FY22 rose 57.6% to Rs 3,405 crore from Rs 2,160 crore in FY21.

Subject to shareholders’ consent, the board has recommended a dividend of Rs 2 per share (at a face value of Rs 10) in 2021-22.

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Shares of the bank were up 1.51% at Rs 47.15 apiece at the close on the BSE. Managing director and chief executive officer AK Das said the board had approved the market by lowering the government’s shareholding by issuing up to Rs 2,500 crore shares.