OBC slips after spurt in bad loans in Q2

Oriental Bank of Commerce lost 4.34% to Rs 266.75 at 13:12 IST on BSE as the bank's gross NPAs surged to Rs 6643.80 crore as on 30 September 2014, from Rs 5982.85 crore as on 30 June 2014 and from Rs 4887.12 crore as on 30 September 2013.

The Q2 result was announced during market hours today, 29 October 2014.

Meanwhile, the S&P BSE Sensex was up 149 points or 0.55% at 27,029.82.

On BSE, so far 6.58 lakh shares were traded in the counter as against average daily volume of 2.08 lakh shares in the past two weeks.

The stock hit a high of Rs 282.40 and a low of Rs 264.40 so far during the day.

Oriental Bank of Commerce (OBC)'s ratio of gross non-performing assets (NPAs) to gross advances stood at 4.74% as on 30 September 2014, up from 4.33% as on 30 June 2014 and 3.77% as on 30 September 2013. The ratio of net NPAs to net advances stood at 3.29% as on 30 September 2014, up from 3.11% as on 30 June 2014 and 2.69% as on 30 September 2013.

The bank's provisions and contingencies jumped 16.46% to Rs 641.19 crore in Q2 September 2014 over Q2 September 2013.

OBC's net profit rose 15.91% to Rs 291.42 crore on 6.83% growth in total income to Rs 5328.58 crore in Q2 September 2014 over Q2 September 2013.

The Government of India holds 59.13% stake in OBC (as per the shareholding patterns as on 30 September 2014).

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