State-run Corporation Bank has informed that the members at the annual general meeting held at Mangalore have approved the final accounts and have also approved 60% final dividend (Rs 6 per share) dividend on the shares of the face value of Rs 10 each.

In the latest announcement, the bank has raised its benchmark prime lending rate by 50 basis points to 14 percent with effect from August 11.

The scrip of the PSU bank closed on Friday at Rs 276 on BSE. It touched an intraday high and low of Rs 277 and Rs 272 respectively.

In August 8, 2008 report, PINC Research has maintained its buy rating on Corporation Bank with a target price of Rs 425.