OBC turns volatile after Q4 results

Oriental Bank of Commerce was down 0.23% to Rs 87.15 at 12:19 IST on BSE after the bank reported a net profit of Rs 21.62 crore in Q4 March 2016 compared with the net loss of Rs 178.44 crore in Q4 March 2015.

The result was announced during trading hours today, 11 May 2016.

Meanwhile, the BSE Sensex was down 73.68 points, or 0.29%, to 25,698.85.

On BSE, so far 6.98 lakh shares were traded in the counter, compared with an average volume of 5.19 lakh shares in the past one quarter. Trading in the stock was volatile. The stock rose 2.69% at the day's high of Rs 89.70 in intraday trade. The stock fell 2.40% at the day's low of Rs 85.25 in intraday trade. The stock hit a 52-week high of Rs 218.80 on 1 June 2015. The stock hit a 52-week low of Rs 75.30 on 29 February 2016. The stock had underperformed the market over the past one month till 10 May 2016, rising 0.58% compared with 4.45% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 8.82% as against Sensex's 8.48% rise.

The small-cap company has an equity capital of Rs 321.40 crore. Face value per share is Rs 10.

Oriental Bank of Commerce (OBC) reported net profit in Q4 March 2016 on the back of tax reversal. The bank reported pre-tax loss of Rs 147.38 crore in Q4 March 2016. There was a tax reversal of Rs 169 crore in Q4 March 2016.

OBC's total income fell 4.68% to Rs 5451.60 crore in Q4 March 2016 over Q4 March 2015.

The bank's net profit fell 68.60% to Rs 156.08 crore on 1.17% decline in total income to Rs 21824.99 in the year ended March 2016 over the year ended March 2015.

The bank's gross non-performing assets (NPAs) stood at Rs 14701.78 crore as on 31 March 2016 as against Rs 11824.90 crore as on 31 December 2015 and Rs 7666.22 crore as on 31 March 2015.

The ratio of gross NPAs to gross advances stood at 9.57% as on 31 March 2016 as against 7.75% as on 31 December 2015 and 5.18% as on 31 March 2015.

The ratio of net NPAs to net advances stood at 6.70% as on 31 March 2016 as against 4.99% as on 31 December 2015 and 3.34% as on 31 March 2015.

The bank's provisions and contingencies (excluding tax provisions) fell 7.27% to Rs 1026.11 crore in Q4 March 2016 over Q4 March 2015. Provision coverage ratio of the bank was at 51.16% as on 31 March 2016.

Government of India holds 55.17% stake in OBC (as on 31 March 2016).

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