Oriental Bank profit rises over 3% to `301 crore

State owned Oriental Bank of Commerce (OBC) on Monday posted 3.4 per cent rise in net profit at Rs 301.31 crore for second quarter ended September, 2015-16. Bank’s net profit was at Rs 291.42 crore during the July- September period of the previous fiscal 2014-15. Total income of the bank increased to Rs 5,454.13 crore during the quarter under review, up from Rs 5,328.58 crore a year ago, OBC said in a filing on BSE.

However, bank’s provisioning for bad loans or non- performing assets (NPAs) trimmed during the quarter despite a rise in bad assets. Gross NPAs as a percentage of gross advances as of September 2015 rose to 5.70 per cent as against 4.74 per cent a year earlier. Besides, net NPAs rose to 3.55 per cent of net advances during the second quarter of current fiscal from 3.29 per cent in same period of previous fiscal. The provisioning for bad loans and contingencies was at Rs 569.42 crore, down from Rs 641.19 crore parked by the bank in year ago period.