Oriental Bank net profit down, bad loans up

Government-owned Oriental Bank of Commerce on Wednesday closed FY16 with a net profit of Rs.156.08 crore.

In a regulatory filing in BSE the bank has posted a net profit of Rs.156.08 crore for the year ended March 31, 2016 as compared to Rs.497.08 crore for the year ended March 31, 2015.

The bank's gross non-performing assets (NPA) and net NPA stood at Rs.14,701.78 crore and Rs.9,932.15 crore respectively as on 31.3.2016.

The gross and net NPA as on 31.3.2015 were at Rs.7,666.22 crore and Rs.4,816.24 crore.

The bank's total income has decreased from Rs.22,082.78 crore for the year ended March 31, 2015 to Rs. 21,824.99 crore for the year ended March 31, 2016.

The board has recommended a dividend of Re.0.70 per share (face value of each share being Rs. 10) for the financial year ended March 31, 2016.

--IANS

vj/rn/bg