Bank Of India Dividend: Last Day To Buy Shares To Qualify — Details Here
The dividend will be paid after shareholders' approval at the ensuing Annual General Meeting, which will be held on June 27.
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Shares of Bank of India Ltd. will be of interest on Thursday, as the day marks the last session for investors to buy shares to qualify for receiving the dividend before the stock goes ex/record-date.
The record date determines the eligible shareholders who will receive the dividend payment. The ex-dividend date, which mostly coincides with the record date, marks when the share price adjusts to reflect the upcoming payout.
Bank of India's board announced a dividend of Rs 4.05 per equity share of Rs 10 face value for financial year 2025. The record date to determine the shareholders eligible for the dividend payout has been fixed as June 20.
The dividend will be paid after shareholders' approval at the ensuing Annual General Meeting, which will be held on June 27.
Given India's T+1 settlement cycle, shares purchased on the record date (June 20 in this case) will not be eligible for the dividend payment. Therefore, investors who own shares by June 19 will be the beneficiaries.
In comparison, the company had issued a dividend of Rs 80 in financial year 2024, and a dividend of Rs 140 in fiscal 2023 and 2022.
Bank of India reported an 82% jump in its fourth quarter net profit at Rs 2,626 crore, due to treasury gains and recoveries from written-off accounts in the January-March period. The core net interest income grew by 2% to Rs 6,063 crore for the three months, but the other income rose 96% to Rs 3,428 crore.
Recoveries from written-off accounts jumped 195% to Rs 1,193 crore, while treasury gains were up 87% at Rs 711 crore, which contributed to the jump in the other income.
The net interest margin narrowed to 2.61%, down from 2.92% in the year-ago period, and it was this compression which led to the softness in the core income growth even though there was a 13.74% growth in advances.
The overall deposits were up 10.65% during the reporting quarter, and the share of the low-cost current and savings account balances declined to 40.28%.
