New Delhi, September 19: State-run lender Oriental Bank of Commerce (OBC) has announced that it has raised Rs 500 crore to augment Tier I and Tier II capital for strengthening the capital adequacy and enhancing long-term resources.
The Bank has raised Rs 300 crore Tier I capital via issue of perpetual debt instruments with annual coupon rate of 9.05 per cent and Rs 200 crore Tier II capital through upper Tier II Bonds with annual coupon rate of 8.68 per cent, it said in a statement yesterday.
OBC, which offers a wide range of banking products and financial services to corporate and retail customers, is planning to open 175 branches during the current financial year and proposes to install 20 new biometric ATMs.
As on June 2010, the bank had 1,526 branches and 1,034 ATMs which includes 6 Mobile ATMs and 2 Biometric ATMs.
For Q1 FY2011, the net profit of the Bank increased by 41.02 per cent to Rs 363.01 crore from Rs 257.41 crore in the same period previous fiscal.
Its total income jumped by 20.02 per cent at Rs 2,09,156 crore for April-June 2010, as compared to Rs 1,74,261 crore for the corresponding period last year.
–Agencies