Bank of India Q4 net up 93% on high net interest income

Public sector lender Bank of India (BOI) has reported a whopping 93%Year-on-Year jump in its fourth quarter (Jan-March) net profit at Rs 953 crore, driven by higher interest income and lower operating expenses.

 Net interest income or the difference between interest earned and paid out rose 21% sequentially to Rs 2501 crore. However, net profit increased at a slower pace by 7.6% to Rs 2678 crore for fiscal year ending March 31, 2012

The bank's global loan book expanded more then 16% to Rs  2.49 lakh crore, while deposits grew at a muted pace nearly 6.5% to 3.18 lakh crore.

Post the result announcement, BOI stock rose 5% to Rs 352.25.