Public sector Oriental Bank of Commerce (OBC) today reported a net loss of Rs 486.20 crore for the first quarter ended June, due to lower income and higher provisioning for bad loans.
The bank had posted a net profit of Rs 100.69 crore in the April-June quarter of the previous fiscal.
Total income of the bank also fell to Rs 5,204.45 crore for the quarter under review from Rs 5,397.92 crore in the year-ago period.
On asset front, challenges persisted during the quarter, as gross non-performing assets (NPAs) rose to 14.83 per cent of gross advances, as against 11.45 per cent year ago.
Net NPAs also rose to 9.56 per cent of net advances as of June 2017, against 8.11 per cent a year ago.
The rise in bad loans proportion led to higher provisioning of Rs 1,591.48 crore for the quarter ended June 2017 as against Rs 1,147.49 crore in the year-ago period.
Shares of OBC closed 7.09 per cent down at Rs 117.90 on BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
