OBC dazzles with superb quarterly financial results
8 Nov 2017 11:01 PM IST
New Delhi: State-owned Oriental Bank of Commerce (OBC) reported a net loss of Rs 1,749.90 crore for the second quarter ended September, hit by additional provisioning under insolvency proceedings.
It had reported a net profit of Rs 153.26 crore in the corresponding July-September quarter of 2016-17.
Compared sequentially, the loss in the second quarter of this fiscal has widened against Rs 486.20 crore loss in first quarter ended June. Total income of the Gurugram-based lender increased to Rs 5,511.70 crore during the July-September period of 2017-18, as against Rs 5,279.71 crore in the period of 2016-17. The bank said it was required to make additional provision in respect of nine accounts covered under provisions of Insolvency and Bankruptcy Code (IBC) of Rs 868.41 crore over and above the requisite norms to be proportionately spread over three quarters starting from September quarter till March-end. "However, as against the required proportionate provision of Rs 289.47 crore, the management has decided to provide for the entire amount of said additional provision of Rs 868.41 crore during the quarter itself which includes Rs 578.94 crore required to be spread over to the subsequent two quarters," the bank said.
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