Indian Overseas Bank (IOB) and Ashok Leyland John Deere Construction Equipment Company have entered into an agreement. As per the agreement, bank will offer finance to Leyland Deere's customers across India. Leyland Deere has commenced manufacture of backhoe loaders in Gummidipoondi, near Chennai.
The bank’s net profit for the second quarter ended September 30, 2011 has increased marginally by 0.64% at Rs 207.46 crore as compared to Rs 206.15 crore for the corresponding quarter of the last year. The bank’s total income has surged 56.84% at Rs 4822.56 crore for the quarter under review as compared to Rs 3074.74 crore for the second quarter of the previous year.
