Allahabad Bank, one of the public sector banking institutions in the country, has inked an agreement with commercial vehicle manufacturing company Ashok Leyland for automobile financing.

According to company's declaration, this affiliation would help the bank's clients across India to buy medium and heavy commercial vehicles under the plan known as "Commercial Vehicle Finance Scheme".

On August 10, Allahabad Bank declared that it would raise its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 12.50% as against 12% whilst holding its base rate unbroken at 8%.

The abovementioned modifications came into effect from August 16.

Recently, Allahabad Bank recorded an increase of 14.62% in its net profit at Rs 3,471.42 million for the three month period ended June 30.

The bank had a net profit of Rs 3,028.61 million during the corresponding period of 2009.

The bank's total income grew by 13.63% to Rs 27,016.81 million as against Rs 23,776.97 million for the period under review.