Oriental Bank of Commerce third quarter profit declines 91% at Rs 19.56 crore

Public sector lender Oriental Bank of Commerce (OBC) today reported a 91.27% decline in net profit at Rs 19.56 crore for the third quarter ended December 31, 2014, dragged by higher provisions.

The bank had posted net profit of Rs 224.3 crore for the October-December quarter of 2013-14, OBC said in a BSE filing.

OBC's total income rose by 7.79% to Rs 5,458.79 crore during the October-December period from Rs 5,063.98 crore in the same period last year.

During the quarter under review, the bank's provisioning other than tax and contingencies jumped by 57.75% to Rs 885.14 crore from Rs 561.1 crore in the same quarter of the previous fiscal.

The bank's gross NPAs increased to 5.43 per cent at the end of third quarter from 3.87% in the corresponding period in the previous year.

Shares of Oriental Bank of Commerce were trading at Rs 292.70 apiece, down 6.49% from its previous close on the BSE.