Oriental Bank of Commerce Q3 net profit dips 13 per cent

Chairman and Managing Director of Oriental Bank of Commerce Nagesh Pydah, flanked by Executive Directors S.C. Sinha (left) and V. Kannan, at a press conference to announce the Q-3 Financial Results 2011-12, in the Capital on 28-1-2012. Pic : Kamal Narang

Public sector lender Oriental Bank of Commerce (OBC) on Monday reported a 13 per cent decline in net profit to Rs. 354.22 crore for the third quarter ended December 31 on account of a rise in bad assets.

The bank had posted net profit of Rs. 408.25 crore for the October-December quarter of 2010-11, OBC said in a statement.

The bank’s gross NPAs increased to 2.92 per cent at the end of third quarter from 1.94 per cent in December, 2010. At the same time, provisioning other than tax and contingencies rose to Rs. 380.86 crore from Rs. 191.75 crore in the same quarter of the previous fiscal.

However, the total income of the lender rose to Rs. 4,491.76 crore during the October-December period from Rs. 3,264.17 crore in the same period last year.

During the first nine months of 2011—12, the net profit of the bank dipped 25 per cent to Rs. 876.88 crore from Rs. 1,169.21 crore in the same period a year ago.

It reported a total income of Rs. 12,490.60 crore in the first three quarters, compared to Rs. 9,515.75 crore in the same period last financial year.