Driven by better interest income, state-run Oriental Bank of Commerce today posted a net profit of Rs 196.82 crore in the fourth quarter ended March 31, 2009, while it had incurred a net loss Rs 99.44 crore in the same quarter a year ago.
The total income of the lender rose by 30 per cent to Rs 2,689.38 crore during the March quarter from Rs 2,071.01 crore in the same period a year ago, OBC Chairman and Managing Director A K Misra said while announcing the result.
During the quarter, the bank's interest income grew 23 per cent at Rs 2,348.11 crore, while the interest expenditure stood at Rs 1,887.81 crore, up 28 per cent over the same period in fiscal 2007-08.
For the financial year-ended March 31, OBC reported over two-fold growth in net profit at Rs 906 crore. It had a net profit of Rs 363 crore in FY'08.
The board has proposed 73 per cent dividend on shares of face value of Rs 10 each, for the financial year 2008-09 against 47 per cent last year, he said, adding the dividend payout would be to the tune of Rs 183 crore.
The total income during the financial year rose to Rs 9,927.79 crore from Rs 7,454.84 crore in the previous fiscal. Total business of the bank increased by 25.72 per cent to Rs 1,67,434 crore at the end of March 2009.
