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Thursday, January 29, 2015

Oriental Bank of Commerce net down 91% in Q3

Oriental Bank of Commerce (OBC) on Thursday reported a 91 per cent decline in net profit for the quarter ended December 31, 2014, at Rs. 19.56 crore (Rs 224.30 crore).

The total income of the bank for the quarter under review increased by 7.98 per cent to Rs. 5,458.79 crore (Rs 5,063.98 crore).

The third quarter financial performance was weighed down by a sharp increase in provisions at Rs. 885.14 crore, reflecting a 57.75 per cent increase over the provision level of Rs. 561.10 crore in the same quarter last fiscal.

For the nine months period ended December 31, 2014, OBC reported a net profit of Rs. 675.52 crore. This represents a 18.52 per cent decline over net profit of Rs. 829.09 crore recorded in same period last fiscal.

srivats.kr@thehindu.co.in


Source : Thehindubusinessline

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