Oriental Bank profit up over 3% at Rs 301 crore

State owned Oriental Bank of Commerce (OBC) today posted 3.4% rise in net profit at Rs 301.31 crore for second quarter ended September, 2015-16.

Bank's net profit was at Rs 291.42 crore during the July- September period of the previous fiscal 2014-15.

Total income of the bank increased to Rs 5,454.13 crore during the quarter under review, up from Rs 5,328.58 crore a year ago, OBC said in a filing on BSE.

However, bank's provisioning for bad loans or non- performing assets (NPAs) trimmed during the quarter despite a rise in bad assets.

Gross NPAs as a percentage of gross advances as of September 2015 rose to 5.70% as against 4.74% a year earlier.
 

Besides, net NPAs rose to 3.55% of net advances during the second quarter of current fiscal from 3.29% in same period of previous fiscal.

The provisioning for bad loans and contingencies was at Rs 569.42 crore, down from Rs 641.19 crore parked by the bank in year ago period.

"Pursuant to RBI circular dated April 1, 2015...The bank has made a provision of Rs 124.53 crore and Rs 249.64 crore during the quarter and half year ended September 2015 respectively in respect of frauds/suspected frauds and balance of Rs 320.17 crore will be provided in subsequent quarters," it said.

The OBC scrip was up 5.82% at Rs 142.75 post earnings result on BSE in the afternoon session.