Bank of India Q4 profit dips 47% to Rs 428 cr

State-run lender Bank of India today reported a drop of 47 per cent in its net profit to Rs 427.91 crore for the fourth quarter ended March 2010, compared to Rs 810.37 crore of the year-ago period.

Total income also decreased to Rs 5,248.22 crore during the January-March period of FY'10 from Rs 5,278.47 crore of the corresponding period a year earlier, Bank of India said in a filing to the Bombay Stock Exchange.

The government-run lender has recommended a dividend of 70 per cent or Rs 7 per share for the year 2009-10.

For the full financial year ended March 31, 2010, Bank of India posted a net profit of Rs 1,741.07 crore, down by 42 per cent compared to Rs 3,007.35 crore of the last fiscal.

However, the bank's total income during 2009-10 rose to Rs 20,494.62 crore from Rs 19,399.22 crore of last fiscal.

Shares of Bank of India today were quoting at Rs 349.10, down 5.16 per cent in the later afternoon trade on the BSE.