Millennium Post

OBC’s July-Sept profit soars 80% to Rs 302 crore

Oriental Bank of Commerce (OBC) on Thursday posted 80 per cent jump in its net profit at Rs 302.19 crore for the second quarter ended September on the back of recovery from bad loans.

The state-owned bank had a net profit of Rs 167.74 crore in the same quarter last fiscal.

The net profit of bank has gone up substantially as there has been strong recovery of assets which had gone bad in the past and lower provisions for non-performing loans, OBC Chairman and managing director S L Bansal told reporters here.

On exposure to Kingfisher Airlines, he said that bank has given a loan of Rs 54 crore.
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