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State-owned Oriental Bank of Commerce today reported a decline of 60.9% in net profit at Rs 100.69 crore for the first quarter ended June 30.[/caption]
State-owned Oriental Bank of Commerce today reported a decline of 60.9% in net profit at Rs 100.69 crore for the first quarter ended June 30.
The bank had registered a net profit of Rs 257.84 crore in the corresponding April-June quarter of 2015-16 fiscal.
Total income decreased to Rs 5,392.70 crore for the quarter under review from Rs 5,568.78 crore in the year-ago period, the bank said in a regulatory filing.
Provisioning for bad loans and contingencies were raised to Rs 750.40 crore as on June 2016 as against Rs 577.65 crore a year ago.
On asset front, bank's gross non-performing assets (NPAs) or bad loans doubled at 11.45% of the gross advances as on June 2016, against 5.85% a year ago. In absolute terms, the gross bad loans were Rs 17,208.91 crore, up from Rs 8,577.04 crore a year ago.
Net NPAs too more than doubled to 8.11% of the net advances for the reported quarter, against 3.76% in the same period a year ago. In value terms, the net NPAs were Rs 11,734.30 crore, up from Rs 5,337.77 crore.
OBC shares traded at Rs 112.90 a piece, up 2.87% on BSE.
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