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OBC posts Q4 loss at Rs 1,218 cr as provisions jump 3 times; asset quality improves

Gross NPA declined 7 basis points sequentially to 13.73 percent and net NPA fell 72 bps to 8.96 percent in the quarter gone by.

May 12, 2017 / 03:14 PM IST
 
 
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Public sector lender Oriental Bank of Commerce posted highest ever loss at Rs 1,218 crore for January-March quarter against profit of Rs 21.6 crore in year-ago period, impacted by higher provisions. The loss was quite higher compared to analysts' estimates of Rs 77.4 crore.

Net interest income, the difference between interest earned and interest expended, fell 3.4 percent year-on-year to Rs 1,307.3 crore in the quarter ended March 2017, which was in line.

According to analysts polled by CNBC-TV18, net interest income was estimated at Rs 1,293.4 crore for the quarter.

Loan growth was 6 percent at Rs 1.57 lakh crore while deposits grew by 5 percent year-on-year to Rs 2.19 lakh crore at the end of March 2017.

Provisions for non-performing assets (NPA) increased nearly three times to Rs 3,050.6 crore compared with Rs 1,086.5 crore in same quarter last fiscal and nearly doubled from Rs 1,429.6 crore reported in previous quarter.

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Asset quality as a percentage of gross and net NPAs improved during the quarter. Gross NPA declined 7 basis points sequentially to 13.73 percent and net NPA fell 72 bps to 8.96 percent in the quarter gone by.

In absolute terms, gross NPA increased 11.6 percent quarter-on-quarter to Rs 22,859 crore and net NPA rose 3.1 percent to Rs 14,118 crore in Q4FY16.

Other income or non-interest income jumped 20 percent to Rs 590.98 crore and operating profit jumped 15.75 percent to Rs 1,017.13 crore compared with year-ago period.

At 14:58 hours IST, the stock price was quoting at Rs 163.20, down Rs 12.15, or 6.93 percent on the BSE.

Posted by Sunil Shankar Matkar
first published: May 12, 2017 03:02 pm

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