Oriental Bank of Commerce slumps on weak Q3 results

The bank has slumped by over 8% at Rs 287 after reporting a 91.27% decline in net profit at Rs 19.56 cr

Public sector lender Oriental Bank of Commerce (OBC) has slumped by over 8% at Rs 287 on the BSE after reporting a 91.27% decline in net profit at Rs 19.56 crore for the third quarter ended December 31, 2014, dragged by higher provisions.

The bank had posted net profit of Rs 224.3 crore for the October-December quarter of 2013-14, OBC said in a BSE filing.

OBC's total income rose by 7.79% to Rs 5,458.79 crore during the October-December period from Rs 5,063.98 crore in the same period last year.

The bank's gross NPAs increased to 5.43% at the end of third quarter from 3.87% in the corresponding period in the previous year.

The stock opened at Rs 313 and touched a low of Rs 286. At 13:00 PM, around 5 million shares were traded on both the stock exchanges.