Oriental Bank of Commerce net profit rises 16 per cent in Q2, stock falls

Public sector Oriental Bank of Commerce (OBC) on Wednesday reported a  16 per cent growth in net profit at Rs 291.42 crore for the second quarter ended September 30.

The bank had a net profit of Rs 251.41 crore in the July-September quarter of previous fiscal.

The bank's provisioning during the quarter increased to Rs 641 crore from Rs 551 crore in the September quarter of 2013-14 fiscal.

Interest income of the bank grew 5.56 per cent to Rs 4,936 crore in the September quarter.

Net NPAs as a percentage of total advances stood at 3.29 per cent as against 2.69 per cent in the year-ago period.

Total income of the bank increased to Rs 5,328.58 crore for the quarter ended September 30 from Rs 4,987.71 crore in the same period last fiscal.

OBC shares closed 3.92 per cent down at Rs 267.40 per scrip on the BSE.