Oriental Bank of Commerce (OBC) inked pact with Piaggio Vehicles, a manufacturer of small commercial vehicles to offer finance for Piaggio vehicles. As per the agreement, the bank will offer vehicle finance services from any of its 1,827 branches to Piaggio Vehicles’ customers.
Through this initiatives bank aims to expand its operations in commercial vehicle financing. The bank is planning to offer attractive schemes for financing commercial vehicles in terms of interest rates and margin norms for prospective buyers of Piaggio vehicles.
The bank has registered a rise of 10.35% in its net profit at Rs 391.42 crore for the quarter under review as compared to Rs 354.70 crore for the same quarter in the previous year. Total income of the bank increased by 19.77% at Rs 4695.57 crore for Q1FY13 as compared Rs 3920.36 crore for the corresponding quarter previous year.
