Public sector lender Oriental Bank of Commerce (OBC) today reported a 13% decline in net profit to Rs 354.22 crore for the third quarter ended December 31 on account of a rise in bad assets.
The bank had posted net profit of Rs 408.25 crore for the October-December quarter of 2010-11, OBC said in a statement.
The bank's gross NPAs increased to 2.92% at the end of third quarter from 1.94% in December, 2010. At the same time, provisioning other than tax and contingencies rose to Rs 380.86 crore from Rs 191.75 crore in the same quarter of the previous fiscal.
However, the total income of the lender rose to Rs 4,491.76 crore during the October-December period from Rs 3,264.17 crore in the same period last year.
During the first nine months of 2011-12, the net profit of the bank dipped 25% to Rs 876.88 crore from Rs 1,169.21 crore in the same period a year ago.
It reported a total income of Rs 12,490.60 crore in the first three quarters, compared to Rs 9,515.75 crore in the same period last financial year.
At 1230 hours, shares down 2.94% 252.75 per share on the Bombay Stock Exchange.
