Public
sector lender Oriental Bank of Commerce has posted a net loss at Rs 1,750 crore for
July-September quarter despite sharp increase in other income and operating
profit, as provisions for bad loans increased more than four-fold.
The bank had reported profit at Rs 153.3 crore year-ago quarter.
Net interest income during the quarter fell 4.9 percent to Rs
1,251.7 crore year-on-year, with loan growth of 4.8 percent at Rs 1.49 lakh
crore.
Loan book on sequential basis degrew by 0.3 percent.
Provisions and contingencies more than doubled to Rs 3,281.3
crore, compared with Rs 1,469.5 crore in previous quarter and rose more than
four-fold compared with Rs 774.54 crore in corresponding year.
Gross non-performing assets as a percentage of gross advances
were higher at 16.3 percent in Q2, from 14.83 percent in Q2FY18 but net NPAs
were lower at 9.44 percent from 9.56 percent QoQ.
In absolute terms, gross NPAs during the quarter increased to Rs
26,432 crore against Rs 24,409 crore, but net NPAs fell to Rs 14,129 crore from
Rs 14,809 crore quarter-on-quarter.
Other income (non-interest income) spiked 81.55 percent to Rs
1,059.24 crore and operating profit jumped 62.3 percent to Rs 1,551.4 crore
compared with same quarter last fiscal.
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