Millennium Post

OBC snubs slowdown, ups Q4 profit to Rs 310 crore

The bank's net profit stood at Rs 307.94 crore in the year-ago period.

The net profit of bank recorded a flat growth due to rise in provision against bad debts and tax, OBC Chairman and Managing Director S L Bansal said. The bank's provision for non-performing assets during the quarter rose to Rs 728.13 crore as compared Rs 498.64 crore in the same quarter of the previous fiscal.

Besides, there was tax provision of Rs 142.71 crore during the quarter as against the write back of Rs 120.19 crore in the fourth quarter of the last fiscal.

However, operating profit increased by 46.19 per cent to Rs 1,383.74 crore from Rs 946.53 crore in the same period of the previous fiscal.

The net interest income rose by 7.82 per cent to Rs 1,308.70 crore as compared to Rs 1,213.77 crore in the same quarter a year ago.

Net interest margin (NIM) improved to 2.78 per cent as against 2.72 per cent a year ago. As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 3.99 per cent from 3.21 per cent in the same quarter an year ago. Its net NPAs went up to 2.82 per cent from 2.27 per cent at the end of March 2013.

The total income of the bank increased to Rs 5,655.36 crore for the quarter ended 31 March, 2014 from Rs 4,564.53 crore in the quarter ended 31 March, 2013, OBC said in a statement. For the full-year ended March, the bank's net profit declined 14.2 per cent to Rs 1,139.41 crore from Rs 1,327.95 crore in 2012-13.
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