Oriental Bank of Commerce slips after Q3 earnings

Oriental Bank of Commerce fell 1.01% to Rs 53.90 after net profit jumped 39.11% to Rs 201.66 crore on a 10.03% rise in total income to Rs 5,642.61 crore in Q3 December 2019 over Q3 December 2018.

The Q3 earnings were declared during market hours today, 23 January 2020. Net Interest Income (NII) fell 6.84% to Rs 1,322 crore during Q3 December 2019 from Rs 1,419 crore in Q3 December 2018. Net Interest Margin (NIM) for the quarter stood at 2.43% from 2.79% in same quarter last year.

Current Account and Savings Account (CASA) jumped 9.91% to Rs 71,255 crore this quarter as against Rs 64,830 crore in the corresponding quarter last year. The CASA ratio stood at 30.85% in Q3 December 2019 as compared to 31.10% in Q3 December 2018. The bank's return on asset (ROA) for Q3 December 2019 stood at 0.30%.

The bank's gross non-performing assets (NPAs) stood at Rs 21,633.73 crore as on 31 December 2019 as against Rs 20,581.71 crore as on 30 September 2019 and Rs 24,352.98 crore as on 31 December 2018.

The ratio of gross NPAs to gross advances stood at 12.64% as on 31 December 2019 as against 12.53% as on 30 September 2019 and 15.82% as on 31 December 2018.

The ratio of net NPAs to net advances stood at 5.98% as on 31 December 2019 as against 5.94% as on 30 September 2019 and 7.15% as on 31 December 2018.

The bank's provisions and contingencies (excluding tax provisions) slumped 74.28% to Rs 956.63 crore in Q3 December 2019 over Q3 December 2018.

Provision coverage ratio of the bank was at 76.53% as on 31 December 2019.

The Government of India holds 87.58% of Oriental Bank of Commerce (OBC) as of 31 December 2019.

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