Bank of India net jumps 2-fold; to pay 70% dividend

Bank of India (BoI) has reported a near two-fold rise in net profit to Rs 952.73 crore for the fourth quarter ended March 31, 2012.

The bank had posted a net profit of Rs 493.64 crore in the year-ago period.

Total income rose to Rs 8,777.73 crore during January-March period of 2011-12 from Rs 7,130 crore during the corresponding period of the previous fiscal, BoI said in a filing to the BSE.

The bank has recommended a dividend of 70 per cent or Rs 7 per share for 2011-12.

For the financial year ended March 31, 2012, BoI posted a net profit of Rs 2,677.52 crore, up 7.58 per cent compared with Rs 2,488.7 crore in the previous fiscal.

Total income during the fiscal under review rose to Rs 31,801.84 crore from Rs 24,393.5 crore in 2010-11.