OBC spurts after reporting Q2 numbers

Oriental Bank of Commerce jumped 7.38% to Rs 144.85 at 13:10 IST on BSE after net profit rose 3.39% to Rs 301.31 crore on 2.35% growth in total income to Rs 5454.13 crore in Q2 September 2015 over Q2 September 2014.

The result was announced during market hours today, 2 November 2015.

Meanwhile, the S&P BSE Sensex was down 215.49 points or 0.81% at 26,441.34.

The stock surged on heavy volumes. On BSE, so far 8.94 lakh shares were traded in the counter as against average daily volume of 2.95 lakh shares in the past one quarter.

The stock hit a high of Rs 145.40 and a low of Rs 130.30 so far during the day. The stock had hit a 52-week high of Rs 344.40 on 1 January 2015. The stock had hit a 52-week low of Rs 121.45 on 7 September 2015.

The stock had outperformed the market over the past one month till 30 October 2015, surging 3.41% compared with Sensex's 1.92% rise. The scrip had, however, underperformed the market in past one quarter, sliding 17.89% as against Sensex's 3.78% fall.

The mid-cap state-run bank has equity capital of Rs 299.85 crore. Face value per share is Rs 10.

On absolute basis, Oriental Bank of Commerce's (OBC) gross non-performing assets (NPAs) stood at Rs 8557.76 crore as on 30 September 2015 compared with Rs 8577.04 crore as on 30 June 2015 and Rs 6643.80 crore as on 30 September 2014. The ratio of gross NPAs to gross advances stood at 5.7% as on 30 September 2015 as against 5.85% as on 30 June 2015 and 4.74% as on 30 September 2014. The ratio of net NPAs to net advances stood at 3.55% as on 30 September 2015 as against 3.76% as on 30 June 2015 and 3.29% as on 30 September 2014.

The bank's provisions and contingencies declined 11.19% to Rs 569.42 crore in Q2 September 2015 over Q2 September 2014. Provision coverage ratio as on 30 September 2015 stood at 61.53%.

The Government of India (GoI) held 59.13% stake in OBC (as per the shareholding pattern as on 30 September 2015).

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