Bank of India Q4 net up 15% at Rs 494 cr

State-run lender Bank of India (BoI) today reported a 15.5%increase in its net profit to Rs 493.6 crore for the fourth quarter ended March 2011, compared to Rs 427.9 crore of the year-ago period.

Total income rose to Rs 7,130 crore during the January-March period of FY11 from Rs 5,248.2 crore of the corresponding period an year earlier, BoI said in a filing to the Bombay Stock Exchange (BSE).

The bank has recommended a dividend of 70%or Rs 7 per share for the year 2010-11.

For the full financial year ended March 31, 2011, BoI posted a net profit of Rs 2,488.7 crore, down by 43%as compared to Rs 1,741 crore in the last fiscal.

The bank's total income during 2010-11 rose to Rs 24,393.5 crore from Rs 20,494.6 crore in 2009-10.

Shares of BoI were trading at Rs 427.05, down 6.54%in the afternoon trade on the BSE.

Source: Business Standard