OBC Q1 profit dips 61% at Rs 101 cr

Total income decreased to Rs 5,392.70 crore for the quarter under review

State-owned Oriental Bank of Commerce on Friday reported a decline of 60.9 per cent in net profit at Rs 100.7 crore for the first quarter ended June.

The bank had registered a net profit of Rs 257.8 crore in the corresponding April-June quarter of 2015-16.

Total income decreased to Rs 5,392.7 crore for the quarter under review from Rs 5,568.8 crore in the year-ago period, the bank said in a regulatory filing. Provisioning for bad loans and contingencies were raised to Rs 750.4 crore as on June 2016 as against Rs 577.65 crore a year ago.

On asset front, bank’s gross non-performing assets (NPAs) or bad loans doubled at 11.45 per cent of the gross advances as on June 2016, against 5.85 per cent a year ago. In absolute terms, the gross bad loans were Rs 17,208.91 crore, up from Rs 8,577.04 crore a year ago.

Net NPAs too more than doubled to 8.11 per cent of the net advances for the reported quarter, against 3.76 per cent in the same period a year ago. In value terms, the net NPAs were Rs 11,734.30 crore, up from Rs 5,337.77 crore.

OBC shares traded at Rs 112.90 a piece, up 2.87 per cent on BSE.