Oriental Bank of Commerce Q1 profit dips 61%

Oriental Bank of Commerce today reported 60.9 per cent fall in net profit at Rs.100.69 cr for the first quarter ended June 30. The bank had registered a net profit of Rs 257.84 cr in the corresponding April-June quarter of the last fiscal. Total income reduced to Rs 5,392.70 cr for the June quarter as compared to Rs.5,568.78 cr in the year-ago period, Oriental Bank of Commerce said in a regulatory filing.

Meanwhile, Oriental Bank of Commerce share price was trading at Rs 112.90 a piece, up 2.87 per cent on BSE. Provisioning for bad loans and contingencies were raised to Rs 750.40 cr as on June 2016 as compared to Rs 577.65 cr a year ago. On asset front, bank’s gross NPAs — non-performing assets or bad loans doubled at 11.45 per cent of the gross advances in this quarter as against 5.85 per cent a year ago. In absolute terms, the gross bad loans were Rs.17,208.91 cr, up from Rs.8,577.04 cr a year ago.

Net NPAs too more than doubled to 8.11 per cent of the net advances for the quarter, as compared with 3.76 per cent in the same period a year ago. In value terms, the net NPAs were Rs.11,734.30 cr, up from Rs.5,337.77 cr.

The stock hit 52-week high of Rs.183.90 on 18-Aug-15 while it hit 52-week low of Rs.75.15 on 29-Feb-16. The market cap of Oriental Bank of Commerce amounts to Rs. 3804.41 (Cr) while its book value stands at 388.79.

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