Indian Overseas Bank has received its board’s approval to raise $2 billion through new Medium-Term Notes (MTN) programme. This will be the second MTN programme of the bank. The first MTN programme worth $1 billion was concluded in 2012 by the bank where $500 million was raised each time in 2011 and 2012.
Recently, the bank opened its 41st branch of the district at Nedumangadu, in Kerala. The bank reported 7.60% rise in its net profit at Rs 116.50 crore for the quarter as compared to Rs 108.27 crore for the same quarter in the previous year. Total income of the bank increased by 16.58% at Rs 5846.98 crore for quarter under review as compared to Rs 5015.33 crore for the quarter ended December 31, 2011.
