Oriental Bank shares surge as gross NPAs decline

Shares of Oriental Bank of Commerce surged 10 per cent today after the company's gross non performing assets declined in the March quarter of financial year 2015.
The bank's scrip rose sharply by 9.89 per cent to settle at Rs 212.80 on the BSE. During the day, it gained 11.36 per cent to Rs 215.65.
At the NSE, it ended 9.75 per cent higher at Rs 212.70.
In terms of volume, 24.78 lakh shares of the company changed hands at the BSE and over one crore shares were traded at the NSE during the day.
Pulled down by higher provisioning, Oriental Bank of Commerce (OBC) today reported a net loss of Rs 178.44 crore in the March quarter of financial year 2015.

The bank, however, had posted a net profit of Rs 310.32 crore in the fourth quarter of 2013-14 fiscal.

It has reported a high provisioning for bad loans at Rs 1,106.57 crore during the quarter, up from Rs 930.71 crore in the March quarter of previous fiscal.
Gross non-performing assets (NPA) of the bank as a percentage of total advances came down to 5.18 per cent at the end of fourth quarter from 5.43 per cent in the December quarter.
Interest income during March quarter rose to Rs 5,090.86 crore from Rs 4,900.82 crore in the year-ago period.
Total income increased to Rs 5,719.39 crore during the quarter from Rs 5,655.36 crore in the same period last year.

For the full fiscal, the bank's net profit dipped 56.37 per cent to Rs 497.08 crore. It had a net profit of Rs 1,139.41 crore in 2013-14 fiscal.