OBC net dips 23% to Rs 165 cr

BS 200 SCORECARD

Oriental Bank of Commerce (OBC) on Friday reported a 23 per cent decline in net profit to Rs 165 crore during July-September 2005, compared with Rs 215 crore during the in the corresponding quarter last year.

The bank's total income increased by 28 per cent to Rs 1,179 crore as against Rs 918 crore last year. For the half year ended September 2005, the bank's net profit declined 16.21 per cent to 331.28 crore compared with Rs 395.41 crore in April-September 2004.

According to the bank, the decline in profit was on account of increase in operating expenses in the wake of amalgamation of Global Trust Bank with effect from August 2004.

The bank has booked depreciation of Rs 172.08 crore on account of shifting of government securities from asset for sale (AFS) to held to maturity (HTM).

The bank also attributed the fall in profit to re-pricing of loans in line with market scenario.