Oriental Bank of Commerce rebounds post Q2 results

The stock moved higher by 5% to Rs 142, bouncing back 9% from its intra-day low of Rs 141 on the NSE.

Oriental Bank of Commerce has moved higher by 5% to Rs 142, bouncing back 9% from its intra-day low of Rs 141 on the NSE, after the state-owned bank said its assets quality improved slightly for the quarter ended September 30, 2015 (Q2FY16) on sequential basis.

The ratio of gross non-performing assets (NPAs) to gross advances stood at 5.70% as on September 30, 2015, same as 5.85% as on June 30, 2015. The ratio of net NPAs to net advances during the quarter stood  at 3.55%  against 3.76% in previous quarter.

Meanwhile, the bank has reported a better-than-expected standalone net profit at Rs 301 crore against an average analyst estimate of Rs 290 crore in Q2FY16.  It had profit of Rs 291 crore in the same quarter year ago.

Net interest income (interest earned minus interest expended) during the quarter increased 11% at Rs 1,383 crore against Rs 1,246 crore in the corresponding quarter of previous year.

At 12:18 PM, the stock was up 4.5% at Rs 141 on the NSE as compared to 0.72% decline in CNX Nifty. A combined 5.42 million shares changed hands on the counter on the NSE and BSE.