OBC drops after weak Q2 numbers

Oriental Bank of Commerce lost 3.44% to Rs 154.30 at 14:55 IST on BSE after net profit declined 16.8% to Rs 251.41 crore on 3.45% growth in total income to Rs 4987.71 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced during trading hours today, 30 October 2013.

Meanwhile, the S&P BSE Sensex was up 80.87 points or 0.39% at 21,009.88.

On BSE, 3.91 lakh shares were traded in the counter as against average daily volume of 2.04 lakh shares over the past one quarter.

The stock hit a high of Rs 161.60 and a low of Rs 153 so far during the day. The stock had hit a 52-week low of Rs 121.40 on 29 August 2013. The stock had hit a 52-week high of Rs 367.50 on 10 December 2012.

The stock had outperformed the market over the past one month till 29 October 2013, advancing 6.46% compared with the Sensex's 6.09% rise. The scrip had, however, underperformed the market in past one quarter, gaining 4.58% as against Sensex's 6.82% rise.

The mid-cap state-run bank has equity capital of Rs 291.76 crore. Face value per share is Rs 10.

Oriental Bank of Commerce (OBC)'s ratio of net non-performing assets (NPAs) to net advances increased to 2.69% as on 30 September 2013 as against 2.34% as on 30 June 2013 and 2.04% as on 30 September 2012. The ratio of gross NPAs to gross advances increased to 3.77% as on 30 September 2013 as against 3.36% as on 30 June 2013 and 2.92% as on 30 September 2012.

The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 12.09% as on 30 September 2013 as against 12.02% as on 30 June 2013 and 12.06% as on 30 September 2012. CAR as per Basel III norms stood at 11.43% as on 30 September 2013.

OBC's deposits grew 6.68% to Rs 175153.10 crore as on 30 September 2013 from Rs 164174.50 crore as on 30 September 2012. Advances rose 8.93% to Rs 128353.50 crore as on 30 September 2013 from Rs 117821.40 crore as on 30 September 2012.

OBC's provisions and contingencies rose 19.7% to Rs 550.52 crore in Q2 September 2013 over Q2 September 2012. Provision coverage ratio as on 30 September 2013 works out to 61.48%.

OBC's board of directors at a meeting held today, 30 October 2013, inter alia, has approved the proposal regarding raising of capital by way of preferential allotment of equity shares in favour of Government of India (GoI) amounting to Rs 150 crore.

The GoI holds 58% stake in OBC (as per the shareholding pattern as on 30 September 2013).

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