Shares of Oriental Bank of Commerce (OBC) soared 8 per cent today after the company posted a 3.4 per cent increase in net profit for second quarter ended September 30.
The stock ended the day with a gain of 8.08 per cent at Rs 145.80 on BSE. During the session, it surged 9.11 per cent to Rs 147.20.
At NSE, shares of the company jumped 8.27 per cent to settle at Rs 145.85.
The company's market valuation rose by Rs 209.88 crore to Rs 4,253.88 crore.
State-owned Oriental Bank of Commerce (OBC) today posted a 3.4 per cent rise in net profit at Rs 301.31 crore for second quarter ended September 30.
The bank's net profit was at Rs 291.42 crore during the July-September period of the previous fiscal.
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 regulatory filing.
However, the 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 rose to 5.70 per cent as against 4.74 per cent a year earlier.
Besides, net NPAs rose to 3.55 per cent of net advances during the second quarter of current fiscal from 3.29 per cent in same period of previous fiscal.
