OBC Q3 net loss at Rs 425 cr on higher bad loans

State-run Oriental Bank of Commerce (OBC) today reported a net loss of Rs 424.6 crore for the third quarter ended December 31, due to significant jump in bad loans.

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

Total income also declined to Rs 5,350.48 crore during the quarter from Rs 5,458.79 crore in the previous fiscal.

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.

Shares of Oriental Bank of Commerce were trading 10.23 per cent down at Rs 86 in the afternoon session on BSE.