OBC posts Rs 425-cr loss in Dec quarter as bad loans mount

Total income fell to Rs 5,350.48 cr during the quarter from Rs 5,458.79 cr in the previous financial year

Oriental Bank of Commerce (OBC) on Thursday reported a net loss of Rs 424.6 crore during the third quarter of the current financial year, due to significant jump in bad loans.

The bank had earned a net profit of Rs 19.56 crore in the same quarter of the previous year.

Gross NPAs as a percentage to total advances rose significantly to 7.75 per cent from 5.43 per cent in the same quarter year ago.

Net NPAs went up to 4.99 per cent from 3.68 per cent at the end of December 2014.

Total provisions, excluding for income tax, rose significantly to Rs 1,183.05 crore as against Rs 885.14 crore in the year-ago period.

 

Total income fell to Rs 5,350.48 crore during the quarter from Rs 5,458.79 crore in the previous financial year.