Indian Overseas Bank’ to hike its BPLR and base Rate by 50 bps

Indian Overseas Bank’s board has granted its approval for hiking the Benchmark Prime Lending Rate (BPLR) of the Bank by 50 basis points from existing 14.50% to 15.00% with effect from August 01, 2011. The bank has also decided to hike its base Rate from 10.25 % to 10.75% with effect from the same date. The bank’s board of directors in their meeting held on July 28,2011 approved the same.

The bank’s net profit for the quarter ended June 30, 2011 has registered 2.56% growth at Rs 205.58 crore as compared to Rs 200.44 crore for the corresponding quarter of the previous year. Its total income has increased by 50.28% at Rs 4331.77 crore for the Q1FY12 from Rs 2882.38 crore for the Q1FY11.