Oriental Bank looks up on healthy Q4 numbers

DALAL STREET SPIKES

While most bank stocks ended with loses on Monday on selling pressure, state-run Oriental Bank of Commerce ended 6.10 per cent higher after it announced impressive fourth-quarter results.

The counter witnessed aggressive buying since afternoon with volumes accounting for more than 11.27 lakh shares on the Bombay Stock Exchange (BSE).

The stock closed at Rs 245.35, after touching the day's high of Rs 255.90. Most bank stocks including Oriental Bank was hammered in the past few days on concerns of privatisation. Market analysts said Monday's gain was purely on the back strong results.

The bank for the quarter ended March 31, 2004, registered a 91 per cent jump in net profit to Rs 228.68 crore from Rs 119.49 crore in the March quarter of 2003. The bank's total income rose 3.7 per cent to Rs 1,018.11 crore (Rs 981.60 crore).

For the full year, Oriental Bank's net profit surged 50 per cent to Rs 686.07 crore (Rs 456.95 crore). Total income went up 4.8 per cent to Rs 4,022.25 crore from Rs 3,835.66 crore. Oriental Bank has recommended a final dividend of 30 per cent subject to the approval of the Reserve Bank of India.