New Delhi: Oriental Bank of Commerce (OBC) plans to raise Rs 1,200 crore in the next two months through bonds to fund its business growth.
"We have board approval for raising Rs 1,200 crore from Tier-II bonds. The bank could raise this amount during this quarter depending on the interest rate movement," OBC Executive Director V Kannan told PTI.
The fund will be raised through bonds from the domestic market, he said.
He also said the bank has recruited 300 personnel, including 103 specialist officers during first half of the fiscal ended September 30, 2012.
As many as 325 probationary officers and 100 agriculture officers are likely to join the services of the bank in November 2012, he said.
Meanwhile, OBC posted 80 percent jump in its net profit at Rs 302.19 crore for the second quarter ended September on the back of recovery from bad loans.
The state-owned bank had a net profit of Rs 167.74 crore in the same quarter last fiscal.
The total income increased by 18.21 percent to Rs 4,821 crore from Rs 4,078.48 crore in the same period last year.
Operating profit rose by 21 percent to Rs 921 crore during the period ended September this year from Rs 758 crore in the same period of the previous fiscal.
Net interest income improved by 16.94 percent to Rs 1,157.10 crore.
During the first half of 2011-12, the bank registered 32 percent rise in net profit to Rs 693.61 crore, compared to Rs 522.44 crore in the same period a year ago.
The bank reported a total income of Rs 9,517 crore in the first six months, compared to Rs 7,999 crore in the previous financial year.