Bank of India gained ground today on huge buying support following impressive results from the state-run bank.

By 14:15 IST, the scrip surged by 7.10% to Rs 43 on the BSE, recovering from its low of Rs 40 but off its high of Rs 44.35. A substantial volume of over 18 lakh shares was recorded on the counter.

In the afternoon, the bank unveiled its fourth quarter as well as full year results for the period ended 31 March 2003.

For Q4, the bank recorded a massive rise in net profit to Rs 282.53 crore as compared to Rs 90.41 crore in the corresponding period last year. Total income rose by 15.7% to Rs 2,155.31 crore from Rs 1,862.26 crore in MQ 2002.

For FY 2002-03, the bank posted a 68.5% rise in net profit to Rs 851 crore (Rs 505.22 crore) on a 13% increase in total income to Rs 7,570.59 crore (Rs 6,711.95 crore).

Meanwhile, Bank of India (BoI) has surpassed its own full year net profit guidance of Rs 700 crore.

BoI continues its thrust on resource mobilisation and non-performing assets (NPA) reduction. The bank has total 2,555 branches, comprising 2,535 Indian branches & 20 branches / office outside India. The bank is increasingly leveraging technology to expand its delivery channels and to offer cost effective services to its vast cross-section of customers. 2,156 branches out of total 2,535 Indian branches have been computerised, constituting about 91% of the bank's domestic business.

On a equity of Rs 488.58 crore, and a net profit of Rs 851 crore for FY 2002-03, the earning per share (EPS) works out to be 17.4, while the price to earnings (P/E) ratio works out to 2.47.