Mumbai, Apr 30 (IANS): State-owned Bank of India Monday reported an increase of 93 percent in net profit at Rs.952.73 crore for the quarter ended March 31 against Rs.493.64 crore during the like period of the previous financial year.

Following the results, the shares of the bank rose 5.91 percent to trade at Rs.357.30 at the Bombay Stock Exchange in the afternoon trade Monday.

The total income stood at Rs.8,777.73 crore during the quarter under review, up 23 percent against Rs.7,130 crore during the like period of 2010-11, the company said in a regulatory filing.

For the year ended March 31, 2012, the net profit of the bank stood at Rs.2,677.5 crore, up 7.6 percent against Rs.2,488.7 crore during the year ended March 31, 2011.

The total income during the quarter under review stood at Rs.31,801.84 crore up 30 percent against Rs.24,393.5 crore during the year ended March 31, 2011.

The bank has also recommended a dividend of Rs.7 per share for the financial year 2011-12 on the equity share capital.