Oriental Bank of Commerce Q3 net falls 31 per cent to Rs. 224 crore

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Oriental-BankOriental Bank of Commerce (OBC) on Friday reported a 31.2 per cent decline net profit at Rs. 224.30 crore for the third quarter that ended on December 2013, on the back of higher provisioning for bad loans.

The public sector bank had posted a net profit of Rs. 326.40 crore in the corresponding quarter a year ago.

Gross non-performing assets rose to 3.87 per cent from 2.98 per cent in the December quarter of the previous fiscal year (2012-13).

Net NPAs also rose to 2.91 per cent during the quarter under review against 2.14 per cent last year.

Provisioning for bad loans and contingencies stood at Rs. 561 crore in third quarter of 2012-13.

Total income of the bank increased to Rs. 5,063.98 crore during the quarter from Rs. 4,846.54 crore in the corresponding period a year ago.

Operating expenses were up 9 per cent at Rs. 712.84 crore during the quarter under review.

During the quarter ended December 2013, the government infused Rs. 150 crore by way of preferential allotment leading to increase in government shareholding in the bank to 59.13 per cent from 58 per cent.

Interest income during the quarter increased 5.68 per cent to Rs. 4,723 crore, from Rs. 4,469 crore in the same period of the previous fiscal year.

Revenue from treasury operations during the December quarter was Rs. 1,169 crore, up from Rs. 1,057 crore in the year-ago period.

Wholesale and corporate banking revenues declined marginally to Rs. 2,662 crore, from Rs. 2,678 crore during the year-ago period.

Retail banking revenues were Rs. 2,169 crore during the December quarter, up from Rs. 1,969 crore in the same period a year ago.