Oriental Bank net dips 13%

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.

The 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 financial year.

The total income 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 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.