Oriental Bank Q3 Net Plunges as Provisions Jump

Published: 29th January 2015 04:16 PM  |   Last Updated: 29th January 2015 04:16 PM   |  A+A-

MUMBAI: Oriental Bank of Commerce Ltd , a mid-sized state-run Indian lender, reported its quarterly profit plunged as provisions for bad loans rose sharply and also due to a one-off adjustment, sending its stock down more than 7 percent.

Oriental Bank reported a net profit of 195.6 million rupees for the fiscal third quarter to end-December, down 91 percent from 2.24 billion rupees reported a year earlier.

Provisions jumped 58 percent to 8.85 billion rupees from 5.61 billion rupees a year earlier. Gross bad loans as a percentage of total loans rose to 5.43 percent in the December quarter from 4.74 percent in the previous quarter.

Shares in the bank were trading 7.7 percent down at 289 rupees at 0700 GMT.

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