Business Daily from THE HINDU group of publications
Tuesday, Oct 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 30, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Web Extras - Fixed Deposits
Our Bureau New Delhi, Oct. 29 Oriental Bank of Commerce (OBC) has reported a 29.86 per cent decline in net profit for the quarter ended September 30, 2007 at Rs 175 crore compared with Rs 249.51 crore recorded in the same quarter last year. Interest earned by the bank for the quarter under review increased by 28.34 per cent to Rs 1,645.68 crore (Rs 1,282.24 crore). Other income stood at Rs 142.53 crore (Rs 113.62 crore). The bottomline was impacted by higher cost of deposits (mainly due to bulk deposits contracted in February-March this year) and also due to the absence of certain exceptional items forming part of the bank’s income.
In the quarter ended September 2006, OBC had booked income of Rs 44.27 crore arising from exceptional items including recovery of non-performing assets (NPAs) of Global Trust Bank and certain lease transactions. This amount was not available for the current quarter under review, said OBC officials. Interest expended by the bank stood at Rs 1,246.17 crore, which represents 43.33 per cent increase over Rs 869.45 crore expended in the same quarter last year. Annualised net interest margin of the bank currently stood at 2.42 per cent. “We will certainly improve our net interest margin in the coming quarters. We hope to get better margins this quarter (third quarter)”, Mr Alok K. Misra, Chairman and Managing Director, OBC, told Business Line. Mr Allen C.A. Pereira, Executive Director, OBC, said that the “legacy situation (bulk deposits) would be rectified”. For the half year ended September 30, 2007, OBC reported a net profit of Rs 314.18 crore compared with Rs 343.53 crore recorded in the same period last fiscal. Oriental Bank's Q2 net up 51 pc after GTB write-offs Oriental Bank biz tops Rs 1 lakh cr Higher interest income boosts Oriental Bank net profit in Q1 More Stories on : Financial Performance | Public Sector Banks | Fixed Deposits | Oriental Bank of Commerce
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