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OBC posts net profit of Rs 21.62 cr in Q4

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Public sector lender Oriental Bank of Commerce (OBC) on Wednesday reported a profit of Rs 21.62 crore in March quarter as against a net loss of Rs 178.44 crore in the corresponding period of 2014-15, on the account of tax gain.

Oriental Bank of Commerce-AVTotal income declined 4.68 per cent to Rs 5,451.6 crore during the quarter from Rs 5,719.39 crore in the same period last year.

The bank’s provisioning for bad loans during the quarter under review stood at Rs 1,026.11 crore during the quarter, up from Rs 1,106.57 crore in the March quarter of the previous financial year.

The bank has reported a tax gain of Rs 169 crore for the quarter.

However, its gross non-performing assets (NPA) of the bank as a percentage to total advances rose to 9.57 per cent at the end of fourth quarter from 5.18 per cent a year ago.

Net NPAs during the quarter were 6.7 per cent as against 3.34 per cent in the last quarter of 2014-15.

For the full financial year, the bank’s net profit dipped to Rs 156.08 crore compared with Rs 497.08 crore in 2014-15.

Total income also decreased marginally to Rs 21,824.99 crore in 2015-16 from Rs 22,082.78 crore a year ago.

Shares of OBC were trading 0.23 per cent lower at Rs 87.15 in afternoon trade on BSE.

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