Oriental Bank of Commerce dips after increase in NPAs

Gross NPAs in September quarter were up at 4.74% while Net NPAs increased to 3.29%

Shares of Oriental Bank of Commerce were down nearly 4% at Rs 268 after the state-owned bank registered an increase in non-performing assets during the second quarter ended September 30, 2014.

Gross non-performing assets in the September quarter increased to 4.74% compared with 3.77% in the same quarter last fiscal. Net non-performing assets were also higher at 3.29% during the second quarter compared with 2.69% in the corresponding quarter ended September 30, 2013.

Net interest income for the second quarter declined to Rs 1,246 crore from Rs 1,281 crore in the same quarter last fiscal.

Net profitfor the second quarter ended September increased 16% to Rs 291 crore from Rs 251 crore in the same quarter last fiscal.

The stock opened at Rs 281 and touched a low of Rs 264. At 12:50PM, over 5.8 million shares were traded on the BSE and NSE.