Business

OBC Q1 Profit Dips 61% At Rs 101 Crore

NEWS WORLD INDIA | 0
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| August 12 , 2016 , 15:07 IST
[caption id="attachment_217710" align="alignnone" width="700"]OBC Q1 Profit Dips 61% At Rs 101 Crore 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. For all the latest news and updates from India and across the globe, follow us on @NewsWorldIN on Twitter and News World India on Facebook