Oriental Bank shares surge 6.5% after Q2 results

Shares of Oriental Bank of Commerce (OBC) Thursday zoomed 6.5 per cent after the company reported a profit of Rs 101.74 crore for the second quarter ended September 30.

The scrip surged 6.50 per cent to close at Rs 66.35 on BSE. Intra-day, it jumped 7.94 per cent to Rs 67.25.

At NSE, shares of the company soared 6.33 per cent to end at Rs 66.35.

On the equity volume front, 13.46 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

The bank had reported a net loss of Rs 1,749.90 crore in the corresponding July-September quarter of 2017-18, OBC said in a BSE filing.

However, total income of the state-owned lender declined to Rs 4,967.29 crore as against Rs 5,511.70 crore in the same period of 2017-18.

Asset quality dented further as gross NPAs, as a percentage of gross advances, hit 17.24 per cent by the reported quarter as against 16.30 per cent as on September 30, 2017. In absolute terms, NPAs stood at Rs 25,673.31 crore against Rs 26,431.86 crore.