​OBC tanks over 5% as December quarter PAT falls 91%

MUMBAI: Shares of Oriental Bank of Commerce (OBC) tanked in trade following sharp fall in its net profit for quarter ended December 2014. The bank reported a net profit of Rs 19.5 crore, down 91.3 per cent, as compared to a net profit of Rs 224.3 crore in the corresponding quarter last fiscal.

The bank reported exceptional loss of Rs 137.3 crore in third quarter on reduction in book value of security receipt, say analysts.

Net interest income (NII) rose to Rs 1,297 crore, up 5.4 per cent, from Rs 1,230.4 crore, in year-ago period.

Gross non-perfroming assets (NPA) for the quarter increased to 5.43 per cent vs 4.74 per cent (QoQ) and net NPA at 3.68 per cent vs 3.29 per cent (QoQ).

At 12:00 p.m.; the stock was at Rs 291.50, down 6.87 per cent, on the BSE. It touched a low of Rs 291.10 and a high of Rs 315 in trade today.