Oriental Bank of Commerce has dipped 5.2% to Rs 254, falling over 8% from intra-day high, after reporting a lower-than-expected net profit Rs 308 crore for the quarter ended March 2013 (Q4) due to higher provisioning and tax outgo. The state-owned bank had profit of Rs 265 crore in a year ago quarter.
Net interest income or NII (interest earned minus interest expended) grew 13.6% at Rs 1,213 crore against Rs 1,068 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected NII of Rs 1,442 crore and profit of Rs 387 crore.
“Total provisioning, including bad loans provision increased by 42% to Rs 759 crore from Rs 534 crore, while tax expenses jumped three-fold to Rs 120 crore against Rs 45 crore in the previous year quarter,” Oriental Bank of Commerce said in a statement.
The bank’s gross non performing assets (NPA) have increased to 3.21% from 3.17%, while Net NPA to 2.27% from 2.21% on year-on-year basis.
The stock opened at Rs 270 and hit a high of Rs 277 on NSE before the announcement of the results. The counter has seen huge trading activity with a combined 3.04 million shares changing hands till noon deals against an average sub 2 million shares that were traded daily in past two weeks on NSE and BSE.
Net interest income or NII (interest earned minus interest expended) grew 13.6% at Rs 1,213 crore against Rs 1,068 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected NII of Rs 1,442 crore and profit of Rs 387 crore.
“Total provisioning, including bad loans provision increased by 42% to Rs 759 crore from Rs 534 crore, while tax expenses jumped three-fold to Rs 120 crore against Rs 45 crore in the previous year quarter,” Oriental Bank of Commerce said in a statement.
The bank’s gross non performing assets (NPA) have increased to 3.21% from 3.17%, while Net NPA to 2.27% from 2.21% on year-on-year basis.
The stock opened at Rs 270 and hit a high of Rs 277 on NSE before the announcement of the results. The counter has seen huge trading activity with a combined 3.04 million shares changing hands till noon deals against an average sub 2 million shares that were traded daily in past two weeks on NSE and BSE.
