Stocks

Oriental Bank shares jump over 5% after Q2 earnings

PTI New Delhi | Updated on October 23, 2019 Published on October 23, 2019

Shares of Oriental Bank of Commerce (OBC) on Wednesday jumped over 5 per cent after the company reported a 23.5 per cent rise in net profit for the second quarter ended September 2019.

The scrip gained 4.97 per cent to ₹52.75 on the BSE. At the NSE, it rose by 5.26 per cent to ₹52.95.

OBC on Tuesday reported a 23.5 per cent rise in net profit at ₹126 crore for the second quarter ended September.

Also read: Oriental Bank of Commerce Q2 profit rises 24.5% to ₹127 crore

The state-owned bank had posted a net profit of ₹102 crore in the corresponding July-September period last fiscal.

Read more: PSU bank shares advance; Indian Bank rises 4%

The bank’s total income rose 15 per cent to ₹5,702 crore in July-September as compared with ₹4,967 crore in the year-ago period.

OBC’s gross non-performing loans or bad loans came down to 12.53 per cent of the gross advances as on September 30, 2019 from 17.24 per cent at the end of September 2018.

Published on October 23, 2019
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