OBC's Q1 net profit at Rs 112 cr on better asset quality
Oriental Bank of Commerce (OBC) on Monday reported a net profit of Rs 112.7 crore during the first quarter (April to June) of 2019-20 due to better asset quality and fewer provisions.
The company had posted a loss of Rs 393.2 crore in the year-on-year period.
The total income for the quarter was Rs 5,634.9 crore, higher than Rs 4,729.6 crore recorded in the same quarter last fiscal while operating profit increased to Rs 1,025.1 crore from Rs 724.25 crore.
Gross non-performing assets (NPAs) stood at 12.56 per cent as against 12.66 per cent, the bank said in a statement. Net NPA stood at 5.91 per cent versus 5.93 per cent quarter-on-quarter.
The net interest income was up 2.6 per cent at Rs 1,371.6 crore. Provisions for Q1 FY20 stood at Rs 842.4 crore compared to Rs 1,051.5 crore quarter-on-quarter and Rs 1,539.5 crore year-on-year.
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