Oriental Bank of Commerce posts net profit of nearly Rs 22 crore in Q4

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 account of tax gain.

Its total income declined 4.68% 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 down from Rs 1,106.57 crore in the March quarter of the previous fiscal.

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

However, the gross non-performing assets (NPAs) of the bank as a percentage to total advances rose to 9.57% at the end of the fourth quarter (Q4) from 5.18% a year ago.

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

For the full fiscal, the bank's net profit dipped to Rs 156.08 crore as compared with Rs 497.08 crore in 2014-15.

The bank's total income also decreased marginally to Rs 21,824.99 crore in 2015-16 from Rs 22,082.78 crore a year ago.

At 13:29 hours, the shares of Oriental Bank of Commerce (OBC) were trading down 2.12% or Rs 1.85 at Rs 85.50 per scrip on the Bombay Stock Exchange (BSE).