OBC net plummets 29% at Rs 257.84 crore

Oriental Bank of Commerce today reported 29 per cent drop in net profit at Rs 257.84 crore for April-June quarter of the current fiscal, on higher provisioning for bad debt or non-performing assets (NPAs).

Written by PTI

New Delhi

July 30, 2015 13:56 IST

Being implemented in phases since April 1, 2013, Indian banks are expected to fully comply with Basel III standards by March 2019 to improve and strengthen their capital planning processes. (PTI)

Oriental Bank of Commerce today reported 29 per cent drop in net profit at Rs 257.84 crore for April-June quarter of the current fiscal, on higher provisioning for bad debt or non-performing assets (NPAs).

The bank reported a net profit of Rs 364.54 crore in the corresponding period of the previous fiscal, OBC said in a BSE filing today.

The total income during the quarter under review was almost flat at Rs 5568.78 crore.

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OBC reported gross NPA provisioning at Rs 8,577.04 crore in the June quarter, up 12 per cent from Rs 7666.22 crore in the January-March quarter and 43 per cent over Rs 5982.85 crore in the first quarter of the previous fiscal.

Net NPA was up 11.2 per cent at Rs 5357.77 crore in Q1 as compared to Rs 4816.24 crore in Q4 of 2014-15 fiscal.