Indian Overseas Bank (IOB), the public sector bank is planning to open its second branch in Bangkok. This new branch is likely to open in the first week of July 2014 after the Reserve Bank of India's approval. Meanwhile, the bank is also planning to launch a qualified institutional placement (QIP) issue to mop up between Rs 1,000 and Rs 1,200 crore.
The bank has reported over four fold jump in its net profit at Rs 268.33 crore for the quarter as compared to Rs 58.87 crore for the same quarter in the previous year. Total income of the bank has increased by 9.79% at Rs 6,475.93 crore for quarter under review, as compared to Rs 5,898.15 crore for the quarter ended March 31, 2013.