OBC Clocks 57% Rise In Gross Profit In April-Dec

New Delhi, January 24: | Updated: Jan 25 2003, 05:30am hrs
Oriental Bank of Commerce (OBC) clocked a 56.7 per cent rise in gross profit during April-December 2002. Its gross profit stood at Rs 832 crore during this period, against Rs 531 crore in the corresponding period of 2001-02. It has registered a 42 per cent growth in net profit in the third quarter of the current fiscal to Rs 121.57 crore. Its net profit for the nine-month period amounted to Rs 337.46 crore, compared to Rs 256 crore in the same period the year before. OBCs non-fund income was Rs 405 crore in this period, a press release stated.

Almost 11 per cent of the banks advances were accounted for by housing advances, at Rs 1,620 crore. Recovery of loans reached Rs 288 crore in the April-December period, against Rs 166 crore the previous period. The bank issued 1,244 notices involving Rs 146.45 crore under the securitisation Act.