OBC Q3 net profit down 13% at Rs 354 cr

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OBC Q3 net profit down 13% at Rs 354 cr

Public sector lender Oriental Bank of Commerce has reported a net profit of Rs 354 crore in the quarter ended December FY12, a fall of 13% as compared to Rs 408 crore in the corresponding quarter of last fiscal.

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Public sector lender Oriental Bank of Commerce has reported a net profit of Rs 354 crore in the quarter ended December FY12, a fall of 13% as compared to Rs 408 crore in the corresponding quarter of last fiscal.

Net interest income went up 10.6% to Rs 1,139 crore from Rs 1,030 crore year-on-year.

Numbers were slightly better than analysts' expectations; CNBC-TV18 poll saw profit after tax of Rs 334 crore and net interest income of Rs 1,061 crore.

Gross non-performing assets (NPAs) declined at 2.92% versus 2.95% quarter-on-quarter. The bank reported gross NPAs at Rs 3,232 crore as against Rs 3,111 crore QoQ.

Provisions nearly doubled to Rs 381 crore from Rs 192 crore year-on-year while reduced by 21% quarter-on-quarter.